Jared Kushner

September 2, 2021

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

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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June 29, 2018

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

By Michelle Cohen

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

Real Estate Trends

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

By Devin Gannon

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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Policy

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

By Devin Gannon

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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Policy

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

By Devin Gannon

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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Policy

September 27, 2017

No one wants to rent Ivanka Trump’s Park Avenue apartment

By Devin Gannon

After months of being on the market, the Manhattan pad of President Donald Trump’s daughter and advisor Ivanka Trump just won’t rent, despite three substantial price chops. The first daughter first purchased the two-bedroom, two bathroom condo at 502 Park Avenue in 2004 for $1.5 million. Upon her father’s election, Ivanka listed the apartment at Trump Park Avenue in November for $15,000 per month. In February, the price dropped to $13,000 per month. On Tuesday, the asking price was $10,450 per month, a 30 percent price cut since the presidential election, according to Bloomberg.
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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

By Devin Gannon

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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Real Estate Trends

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

By Devin Gannon

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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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

By Michelle Cohen

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

Architecture And Design

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

By Dana Schulz

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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Uncategorized

Ivanka Trump’s Park Avenue starter pad, still without a buyer, gets a rental price chop to $13K a month

By Michelle Cohen

As 6sqft previously reported, Ms. Trump and husband Jared Kushner, now senior adviser to President Donald Trump, first listed their apartment at 502 Park Avenue for $4.1 million in December; Ivanka purchased the home for $1.52 million in 2004. The classic and somewhat girly Park Avenue pad with Tiffany-box blue walls has also been on the rental market, first at $15K and, as Mansion Global reports, just reduced to $13,000 a month. Ivanka also owns one of the building’s penthouses–it's the Trump/Kushner family's main home when they're in town– that she bought for $16 million nearly six years ago.
Tour the classic uptown condo

January 9, 2017

Jared Kushner will leave role as CEO of Kushner Companies

By Diane Pham

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.
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December 14, 2016

Ivanka Trump puts her stodgy Park Avenue pad up for sale, asks $4.1M

By Annie Doge

It looks like America's next first daughter—and quasi-first lady—is looking to slim down her real estate holdings. As Luxury Listings NYC first reports, Ivanka Trump has just listed her apartment at 502 Park Avenue for $4.1 million. The somewhat bland spread hosts two bedrooms and two baths and is outfitted in a palette of cream and powdery blue hues. Although one might think the sale has something to do with her father's recent presidential victory—as not even two weeks ago, CNN reported that she and husband Jared Kusher were house hunting in Washington D.C.—Ivanka, in fact, also owns one the building's penthouses, which she bought for $16 million nearly six years ago. It's also been no secret that the Trump/Kushner brood has been mulling a move into the Puck Penthouses, one of Jared's beautiful ultra-luxe developments.
have a closer look inside

November 30, 2016

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

By Dana Schulz

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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New Developments

Image Kushner Co./LIVWRK

November 28, 2016

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

By Emily Nonko

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 […]

Where I Work

October 1, 2014

Two Puck Building Penthouses List for a Combined $57M

By Dana Schulz

It was pretty big news back in June when Penthouse IV at the landmarked Puck Building sold for $28 million, netting real estate tycoon Jared Kushner a pretty penny. It was the second largest out of the six units in the penthouse-only building. As we reported then, there were four others that were yet to be listed, and they were expected to sell for between $21 and $60 million. Well, it looks like we weren't too far off the mark, as two additional penthouses at 295 Lafayette Street have now listed for a combined $57 million. PHII, is a three-bedroom, five-bathroom home, with 5,222 square feet of interior space and 800 square feet of outdoor space, listed for $35.1 million; and PHVI, the smallest of the "limited edition" penthouses at 4,895 square feet, is on the market for $22 million (it originally went up for sale in January for $21 million).
More details and floor plans ahead

July 11, 2014

Real Esate Wire: Ace Hotel Definitely Coming to Brooklyn; Harlem Penthouse Renting for $10.5K a Month

By Jon Dioffa

Is Jared Kushner plotting to turn 20 apartments into one giant West Village mansion? [Curbed] ACE Hotel is indeed coming to Downtown Brooklyn. Permits were just filed for a site along Bond Street. [Brownstoner] Harlem rents are up and a landlord is looking to rent a penthouse at 1080 Amsterdam Ave. for $10,500 a month. [NYDN] […]

Real Estate Trends

June 18, 2014

Jared Kushner and LIVWRK Make Plans to Buy a Gowanus Property, Possibly for Luxury Condos

By Diane Pham

Jared Kushner and LIVWRK could soon be making their way to Gowanus. According to The Real Deal, the pair are in contract to buy a 133,000-square-foot development site at 175-225 3rd Street, located right across the new 3rd and 3rd Whole Foods market and just around the corner from Lightstone Group’s 700-unit rental project at 363 Bond Street. Currently, the land has 600 feet of frontage and allows for commercial development of up to 300,000-square-feet, but sources say that one-million square feet of residential could be constructed if rezoned.
More details here

New Developments

June 10, 2014

“Limited Edition” Penthouse in the Ultra Posh Puck Building Closes for $28 Million

By Diane Pham

And it's official: After going into contract December of last year, Penthouse IV in the illustrious Puck Penthouses at 295 Lafayette has closed for $28 million, according to city records filed yesterday afternoon. The penthouse is the second largest in the penthouse-only building (there are six overall), with more than 5,900 square feet of space, 3BR/5.5BA, and a whopping 2,000 square feet of terraces overlooking a garden. Four of the Puck's five other penthouses have yet to be listed, but they are anticipated to sell for between $21 million and $60 million. The Puck is one of burgeoning real estate tycoon Jared Kushner's many luxury residential undertakings, and this particular project transforms the interior of a landmarked building into what the Puck official site has dubbed as "limited edition" properties.
Images of the puck penthouses this way

Jared Kushner

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