Kushner Companies

Work finally begins on Kushner’s One Journal Square project in Jersey City

All renderings courtesy of Kushner unless otherwise noted

June 17, 2022

Work finally begins on Kushner’s One Journal Square project in Jersey City

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Construction is finally underway at Kushner's huge One Journal Square project in Jersey City. The nearly $1 billion mixed-use development consists of two 710-foot-tall towers with more than 1,700 rentals and 45,000 square feet of amenities and public space, including a new Target location as its anchor tenant. The developer was joined by Jersey City Mayor Steven Fulop during a groundbreaking ceremony at the Journal Square site on Thursday.
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Joshua Kushner and Karlie Kloss buy Puck Building penthouse last listed for $42.5M

Photo by Eden, Janine and Jim on Flickr

September 2, 2021

Joshua Kushner and Karlie Kloss buy Puck Building penthouse last listed for $42.5M

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Joshua Kushner and Karlie Kloss are in contract to buy the largest penthouse at the historic Puck Building, a condo project in Nolita developed by the venture capitalist's family's real estate company. As first reported by the Wall Street Journal, Penthouse 1 measures an incredible 7,241 square feet and contains five bedrooms, seven and a half baths, and sprawling outdoor space. The final sales price hasn't been released, but the home was last listed for $42.5 million.
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Kushner’s controversial One Journal Square project receives approval to bring 1,700 units to Jersey City

All renderings by Woods Bagot

January 6, 2021

Kushner’s controversial One Journal Square project receives approval to bring 1,700 units to Jersey City

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After sitting vacant for over a decade, a large site in Jersey City's Journal Square will soon be home to two 710-foot towers with over 1,700 units of housing. The Jersey City Planning Board on Tuesday approved Kushner Companies' controversial One Journal Square project, signaling the beginning of the end of this development saga. The approval came after the city and the developer reached a settlement agreement last October over a lawsuit filed in 2018 against the city by Kushner Companies, run by the family of White House advisor Jared Kushner, that claimed officials stalled the project over "anti-Trump" sentiment.
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Brookfield unveils $400M redevelopment of 666 Fifth Avenue

Left: Photo by David Shankbone on Wikimedia; Right: Rendering by Hayes Davidson for Brookfield Properties

October 17, 2019

Brookfield unveils $400M redevelopment of 666 Fifth Avenue

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Hoping to start a new chapter for the problem-plagued tower, Brookfield Asset Management has unveiled its plan to overhaul 666 Fifth Avenue. The 41-story Midtown office building will undergo a $400 million overhaul designed by Kohn Pedersen Fox Associates, including a new glass exterior, floor-to-ceiling windows, revamped rooftop spaces, and updated mechanical systems, as the Wall Street Journal first reported. And separating itself further from its past, the building's address will now be 660 Fifth Avenue.
New details this way
New report shows NYC landlords falsified 10,000+ work permits in 2.5 years

Image by Jorbasa Fotografie / Flickr 

September 24, 2018

New report shows NYC landlords falsified 10,000+ work permits in 2.5 years

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Recent news of Kushner Companies' filing of false documents outlining the residential makeup of their buildings in order to get construction permits has prompted a closer look at the practice, which, according to Politico, has been rampant among New York City property owners for years with few consequences. Last month the Department of Buildings fined Kushner Companies $210,000 for repeatedly submitting inaccurate paperwork. Tenant advocacy group Housing Rights Initiative (HRI) will release a report Monday outlining how landlords filed more than 10,000 deceptive PW1s (Plan/Work Applications) in the span of two and a half years.
What's going on here?
Kushner Cos., Michael Cohen accused of falsifying construction permits at rent-controlled NYC buildings

237 Henry Street via Google Earth

August 28, 2018

Kushner Cos., Michael Cohen accused of falsifying construction permits at rent-controlled NYC buildings

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Kushner Companies, run by the family of Donald Trump's son-in-law Jared Kushner, allegedly falsified construction permits as a way to remove rent-regulated tenants from their New York City buildings, the New York Times reported. The city's Department of Buildings on Monday fined the Kushner Cos. $210,000 for 42 violations of submitting false applications across 17 buildings. According to a tenant activist organization, Michael Cohen, Trump's former attorney, also falsified documents at three of his properties in Manhattan at 237 Henry Street, 172 Rivington Street and 235 East 27th Street.
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Cuomo to investigate allegations of tenant harassment by Kushner Cos. at Williamsburg condo

Rendering via Morris Adjmi Architects

July 16, 2018

Cuomo to investigate allegations of tenant harassment by Kushner Cos. at Williamsburg condo

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Gov. Andrew Cuomo on Monday launched an investigation into allegations of tenant harassment by Kushner Companies at the Austin Nichols House in Williamsburg. The announcement comes on the same day a group of 19 current and former residents of the building are set to file a $10 million lawsuit against the company for creating unlivable conditions from construction noise and dust and pushing them out to make room for condo buyers. The company, run by the family of Donald Trump's son-in-law and senior advisor Jared Kushner, purchased the 338-unit property at 184 Kent Avenue in 2015, and has since sold or emptied 75 percent of the rent-stabilized apartments, the Associated Press reported.
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Kushner Cos. blame Jersey City’s ‘anti-Trump’ sentiment in lawsuit over stalled $900M project
June 29, 2018

Kushner Cos. blame Jersey City’s ‘anti-Trump’ sentiment in lawsuit over stalled $900M project

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Old rendering of One Journal Square via KABR Group A partnership headed by Charles Kushner filed a lawsuit in federal court in Jersey City Wednesday, blaming the mayor's "political animus" toward all things Trump–and, therefore, Kushner–for sending the company's residential complex into default earlier this year. According to the New York Times, the suit claims that Jersey City Mayor Steven Fulop issued a default against the $900 million development in order to "appease and curry favor with the overwhelmingly anti-Trump constituents of Jersey City.”
More political animus, this way
Kushner Cos. will buy remaining stake in 666 Fifth Avenue from Vornado for $120M

Google Street View of 666 Fifth Avenue

June 4, 2018

Kushner Cos. will buy remaining stake in 666 Fifth Avenue from Vornado for $120M

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Kushner Companies has agreed to purchase the remaining 49.5 percent stake in 666 Fifth Avenue from Vornado Realty Trust for $120 million, nearly wrapping up the drawn-out saga of the problem-plagued condo tower. According to the Wall Street Journal, Vornado said the contract with Kushner is expected to close in the third quarter of this year and is conditional and "there can be no assurance that this transaction will be completed." Kushner Cos. first purchased the 41-story building in 2007 for a record $1.8 billion, but the economic recession created enormous financial strain for the company. To help restructure the building's major debt, they brought in Vornado, which purchased the stake in the building for $80 million and the assumption of half the property's $1.2 billion mortgage in 2011.
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Vornado says it reached a deal with Kushner Cos. to sell 666 Fifth Avenue stake

Google Street View of 666 Fifth Avenue

April 9, 2018

Vornado says it reached a deal with Kushner Cos. to sell 666 Fifth Avenue stake

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Update 4/9/18: Vornado announced on Friday that it reached a "handshake" deal to sell its stake at 666 Fifth Avenue back to the Kushner Cos, according to the New York Times. It remains unclear if the Kushners have found a new partner. Steven Roth, chairman of Vornado, in the filing, said the payment would cover the company's investment: "The existing loan will be repaid including payment to us of the portion of the debt we hold." Kushner Cos. said this week it is in talks to buy the remaining 49.5 percent stake in 666 Fifth Avenue from Vornado Realty Trust, furthering the drama at the 41-story Midtown Manhattan office building, according to the Wall Street Journal. The tower has remained one of Kushner Cos. most financially troubled projects. In addition to its debt and high rates of vacancy, the building has been mired in controversy, mostly due to Jared Kushner's role as a senior adviser and son-in-law to President Donald Trump. While Jared divested in the property to avoid conflicts of interest, investors have been reluctant from entering a deal with Kushner Cos.
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Kushner Companies filed false documents about their rent-regulated tenants in NYC

170-174 East Second Street, where Kushner filed false permits, photo via Google Maps

March 19, 2018

Kushner Companies filed false documents about their rent-regulated tenants in NYC

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Update 3/22/18: The Daily News reports that the Department of Buildings is investigating more than 12 properties where Kushner Companies is said to have filed false paperwork in relation to rent-regulated tenants. Kushner Cos. has denied the allegations and said yesterday they are the victims of "politically motivated attacks." Controversies continue to pile up for Kushner Companies, the Manhattan development firm led by Jared Kushner until he left last year for the White House. Besides the major financial troubles of their office tower 666 Fifth Avenue, the firm was caught routinely filing false paperwork with the city, "declaring it had zero rent-regulated tenants in dozens of buildings it owned across the city when, in fact, it had hundreds," according to the AP. Housing Rights Initiative, a New York tenants’ rights watchdog, compiled the work permit application documents. Aaron Carr, the founder, called the act "bare-faced greed," adding that "the fact that the company was falsifying all these applications with the government shows a sordid attempt to avert accountability and get a rapid return on its investment."
It happened at least 80 times
Kushner Companies’ plan for extensive renovations at 666 Fifth Avenue rejected by Vornado

A previous rendering of 666 Fifth Avenue, courtesy of Kushner Companies/Zaha Hadid Architects

October 16, 2017

Kushner Companies’ plan for extensive renovations at 666 Fifth Avenue rejected by Vornado

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Instead of the 41-story Midtown tower becoming an 80-story office building with hotel rooms and luxury housing, 666 Fifth Avenue will now get a much more simple upgrade. According to Bloomberg, Vornado Realty Trust, the project’s partner alongside Kushner Companies, told brokers the property will remain an office building, with“mundane” renovations planned. As one of the most financially troubled developments for Kushner Cos., the Fifth Ave project has been losing money since its purchase was first coordinated by Jared Kushner, currently a senior advisor to President Donald Trump, in 2007.
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Kushner Companies revive plans for problem-plagued towers at One Journal Square

Old rendering of One Journal Square via KABR Group

September 26, 2017

Kushner Companies revive plans for problem-plagued towers at One Journal Square

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The contentious residential and office tower planned for One Journal Square in Jersey City is getting a second life today when Kushner Companies and KABR Group present revised plans for the project to the city’s Planning Board. Earlier this year, according to NJ.com, the developers failed to get a package of city subsidies, a major investor and future tenant left the deal and a state tax break never came. The updated plan seeking approval includes two 849 foot tall, 56-story towers with 1,512 residential units plus retail and office space. Older plans called for a 56- and 79-story tower with a total of 1,725 units.
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Problems at 666 Fifth Avenue tower linked to Jared Kushner’s White House role

A rendering of 666 Fifth Avenue, courtesy of Kushner Companies/Zaha Hadid Architects

September 14, 2017

Problems at 666 Fifth Avenue tower linked to Jared Kushner’s White House role

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In 2007, Kushner Companies purchased a 41-story tower in Midtown for $1.8 billion, which was the most expensive real estate deal ever in the U.S. at the time. The transaction of 666 Fifth Avenue, coordinated by Jared Kushner, now a senior advisor to President Donald Trump, was ill-timed, making the purchase just before the economic recession. As the Washington Post reported, the Fifth Avenue project is one of the most financially troubled for Kushner Cos., with one-fourth of office space empty, and its lease revenue not covering monthly interest payments. While Kushner has divested his stake in the property to avoid conflicts of interest, the property's value has dropped and foreign entities have withdrawn financial support. Currently, Kushner’s dealings are under investigation by special counsel Robert Mueller, as part of the broader investigation into Russian collusion with the Trump campaign.
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Brooklyn’s iconic ‘Watchtower’ sign coming down to make way for Kushner’s Panorama office complex
June 27, 2017

Brooklyn’s iconic ‘Watchtower’ sign coming down to make way for Kushner’s Panorama office complex

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For nearly 50 years, the neon red 15-foot-tall ‘Watchtower’ sign has sat atop the former headquarters of the Jehovah’s Witnesses luminously overlooking Brooklyn Heights. However, earlier this month, the religious group filed a permit application seeking to remove the sign. According to The Real Deal, this comes almost a year after developers Kushner Companies, CIM Group and LIVWRK Holdings purchased the spot at 25-30 Columbia Heights for $340 million with plans to convert the building into a 635,000-square-foot office complex, “Panorama.”
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Renderings revealed of Jehovah’s Witnesses Watchtower transformation into ‘Panorama’
May 31, 2017

Renderings revealed of Jehovah’s Witnesses Watchtower transformation into ‘Panorama’

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Last summer, developers CIM Group, Kushner Companies and LIVWRK acquired the Jehovah’s Witnesses Watchtower building at 25-30 Columbia Heights in Brooklyn Heights for $340 million. The building, known for its iconic red sign, served as the world headquarters of the religious group for years, but they're relocating to Warwick, New York. Now, work has begun to turn its three 19th century brick and timber buildings into 635,000 square feet of office space, as well as 35,000 square feet of retail and outdoor areas, as Fast Company reports. The new space will be known as Panorama, for its stunning views of the Manhattan skyline and Brooklyn Bridge.
See renderings of the Panorama complex
Trump buildings rank as some of the biggest polluters in NYC
April 4, 2017

Trump buildings rank as some of the biggest polluters in NYC

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With a federal budget proposal that strips significant funding to the Environmental Protection Agency, it’s not so shocking that President Trump and his son-in-law and close adviser, Jared Kushner, both own buildings that rank as the least energy-efficient in New York City. The Daily News shared a new report from ALIGN, a coalition of labor and environmental activists, which found that Trump Tower uses more energy than 93 percent of the city’s large residential buildings. Worse, the Trump Organization's Mayfair condo uses more than 98 percent. The report also revealed that a Kushner Companies' 666 Fifth Avenue (controversial for even more reasons as of late) uses more energy than 85 percent of large office buildings.
See the report here
Chinese company Anbang backs out of 666 Fifth Avenue deal with Kushner Cos.

A rendering of 666 Fifth Avenue. Credit: Kushner Companies/Zaha Hadid Architects

March 29, 2017

Chinese company Anbang backs out of 666 Fifth Avenue deal with Kushner Cos.

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"Kushner Companies is no longer in discussions with Anbang about 666 Fifth Ave.’s potential redevelopment, and our firms have mutually agreed to end talks regarding the property," a spokesman for the developer told the Post. The timing of the Chinese insurance company backing out of the deal--which the Kushners hoped could increase the Midtown's skyscraper's value to a whopping $12 billion and include a flashy new Zaha Hadid design--is uncannily timed with investigations into Jared Kushner's supposed meetings with a scandalous Russian bank. But despite the controversy surrounding ex-CEO and current White House advisor Jared, Kushner Cos. "remains in active, advanced negotiations around 666 Fifth Ave. with a number of potential investors."
The full story ahead
Kushner Cos. vision for 666 Fifth Avenue has Zaha Hadid design and $12B ambitions

A rendering of 666 Fifth Avenue. Credit: Kushner Companies/Zaha Hadid Architects

March 22, 2017

Kushner Cos. vision for 666 Fifth Avenue has Zaha Hadid design and $12B ambitions

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As 6sqft previously reported, 666 Fifth Avenue owners Kushner Companies and Vornado Realty Trust have been seeking financing for a new skyscraper planned for the site of the Midtown office tower that Kushner purchased for $1.8 billion in 2007; Chinese company Anbang Insurance Group is said to have been considering a substantial stake in the tower. Though it was reported that the redevelopment could be valued at $7.5 billion, the Wall Street Journal now cites sources who say the value could be as much as $12 billion, and that a reported deal with Anbang may be far from a sure thing. That huge number represents the projected value of what Kushner envisions as a 1,400-foot-tall mixed-use luxury tower with a design provided by the late Zaha Hadid in 2015, nine floors of retail, a hotel and big-ticket luxury condos on its upper floors.
Find out more about the possibly maybe very big deal
Sale of 666 Fifth Avenue to Anbang, would net $400M for Kushner Companies

666 Fifth Avenue, via Vornado

March 13, 2017

Sale of 666 Fifth Avenue to Anbang, would net $400M for Kushner Companies

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Anbang Insurance Group, the Chinese company who bought the Waldorf Astoria in late 2014 for nearly $2 billion, is now making headlines for another high-profile real estate transaction, this time against a controversial political backdrop. Bloomberg reports that Anbang is considering a stake in Vornado and Kushner Companies' office tower 666 Fifth Avenue, a deal that Jared Kushner reportedly set into motion before resigning as CEO of his family's company to serve as a presidential advisor to his father-in-law. If the deal goes through, not only will the Kushners profit some $400 million, but they'll receive an equity stake in the new partnership, which will refinance $1.5 billion in existing mortgage debt. The deal values the tower at $2.85 billion, and if Anbang's receives its proposed $4 billion construction loan to turn the top floors into condos, it will be the largest such loan for a single property in NYC history.
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Jared-less Kushner Companies readies for construction at DUMBO’s Jehovah’s Witness parking lot

Conceptual massing of 85 Jay Street based on approved zoning, via CityRealty

February 3, 2017

Jared-less Kushner Companies readies for construction at DUMBO’s Jehovah’s Witness parking lot

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Despite the fact that Trump son-in-law Jared Kushner stepped down as CEO of Kushner Companies in order to transition from developer to full-time presidential advisor, his family's firm is moving ahead with their big plans at a three-acre parking lot in DUMBO. Just over a month ago, the joint partnership among Kushner, LIVWRK, and CIM Group paid $345 million to the Jehovah’s Witnesses for the site at 85 Jay Street, which brought Kushner's total investment in the area to more than $1 billion. CityRealty recently visited the site and found that they've ceased parking operations and moved construction equipment onsite.
All the details ahead
Jared Kushner will leave role as CEO of Kushner Companies
January 9, 2017

Jared Kushner will leave role as CEO of Kushner Companies

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In just 11 more days, Donald Trump will take office as the 45th President of the United States. And just as Trump is gearing up for his four-year term, his son-in-law Jared Kushner and daughter Ivanka Trump are preparing to take on major roles as well. Last week it was revealed that the pair would be moving into a six-bedroom, $5.5 million mansion in D.C., and now the New York Times reports that Kushner will step down as CEO of Kushner Companies as he transitions from real estate mogul to full-time presidential advisor.
more details
Jared Kushner will lend $1B to developers over the next five years
November 30, 2016

Jared Kushner will lend $1B to developers over the next five years

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When Charles Kushner founded real estate development firm Kushner Companies in 1985, he may have had visions of his son Jared taking over the company (which he did in 2007), but he never could have predicted the role his kin would have in one of the country's most contentious presidential elections. Because of his political involvement, many have speculated what will come of the company, but Jared shows no signs of slowing down. In fact, the Post reports today that the firm plans to lend $1 billion over the next five years--or $200 million annually--to other developers' projects through Kushner Companies' new lending arm, Kushner Credit Opportunity Fund, which was launched earlier this year.
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Spotlight on Jared Kushner, real estate wunderkind and unexpected presidential advisor

Image Kushner Co./LIVWRK

November 28, 2016

Spotlight on Jared Kushner, real estate wunderkind and unexpected presidential advisor

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Our newest president’s right hand man got his start—much like Donald Trump—as a New York real estate developer. Kushner Companies is a private family real estate company now run by Jared Kushner, husband of Ivanka Trump and son of Charles Kushner, who founded the firm in 1985. Kushner, as Donald Trump’s son-in-law, was an early […]

REVEALED: ODA Architects Design Cantilevering Ziggurats for Gowanus Site
March 27, 2015

REVEALED: ODA Architects Design Cantilevering Ziggurats for Gowanus Site

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Another eye- and volume-popping mega-project by ODA Architects may be coming to Brooklyn, and this week's chosen neighborhood is Gowanus. A recently posted video by ODA delves into the thought process of Eran Chen's burgeoning firm and provides some shots of their recent work, including the provocative rendering shown here. We recognized the location only by the "Stop & Frisk Hands Off the Kids" text scrawled across the defunct Brooklyn Rapid Transit Powerhouse building (the "Bat Cave") and pinpointed the project for the full-block parcel at 175-225 Third Street purchased by Kushner Companies and LIVWRK last year. Update via LIVWRK/Kushner’s reps: "The developers are not working with ODA on this project and these designs do not represent our vision for this site or the Gowanus. We are committed to putting forth an outstanding plan that respects the context of the neighborhood and responds to the voices of local stakeholders.” As it turns out, ODA is one of many firms that pitched, and the design was ultimately turned down because it was out of touch with the direction of the neighborhood. Though it won't come to fruition, it does give some scale of what's to come—which will indeed be transformative for the area.
More information here
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