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Kushner Picks up 48 Units in Perth Amboy

PERTH AMBOY, NJ-Acquisition is seen as a complement to Kushner's redevelopment activity in town.

By John Salustri | Updated on April 25, 2001

PERTH AMBOY, NJ-In what is being billed as a complement to its redevelopment activity here, Florham Park, NJ-based Kushner Cos. has purchased 76 Market Street Apartments for $2 million. The seller of the 48 units was Market High Associates.

Built in 1955, the fully leased complex will undergo a series of structural and cosmetic renovations, reports Richard Stadtmauer, a Kushner managing director. The rehab, he states, will be in keeping with the company’s recently gained status as designated redeveloper of the city of Perth Amboy. Kushner has already received site approval on the first phase of a $600-million plan that is said to include residential, commercial and retail development on 49 acres along the city’s eastern shoreline.

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