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Kushner, Hovnanian Form Strategic Alliance

FLORHAM PARK, NJ-Two of the Garden State's top homebuilders plan to play off each other's strengths to develop at least a dozen sites in New Jersey, most of them currently owned by Kushner.

By Eric Peterson | Updated on July 01, 2001

FLORHAM PARK, NJ-The Kushner Cos., based here, has formed a strategic alliance with well-known residential developer K. Hovnanian Cos., based in Red Bank, NJ, to jointly develop residential communities in New Jersey. The number of sites wasn’t specified, although one published report pegged it at a dozen. Those sites will be targeted for a variety of multifamily properties, active-adult complexes and single-family homes.

According to Kushner principal Jeff Freireich, construction is already underway on two of the projects, and several others are in various planning stages. Both companies will continue to pursue their own independent projects as well.

Kushner is a development giant, with a portfolio of more than 20,000 residential units, most of them in New Jersey and in the Mid-Atlantic region. The privately-held company also manages more than three million sf of commercial space, and has ownership interests in another six million feet. The company has also developed a reputation for being able to wend its way through the approval process, which, in New Jersey can be extremely tricky and complex.

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