Kushner Affiliate Buys 13-Acre Redevelopment Site

PERTH AMBOY, NJ-The Landings at HarborSide LLC, a wholly owned affiliate of the Kushner Cos. and its development arm, Westminster Communities, closed on the acquisition of a 12.8-acre site within this city’s redevelopment zone. The affiliate paid Tri-State Ship Repair and Dry Dock Corp. $7.6 million for the waterfront site.

With the latest acquisition, the Kushner affiliate has now picked up seven properties within the 49-acre redevelopment area. The company has already started demolition and infrastructure work, as well as actual construction on portions of the area that had been acquired earlier.

The newly acquired site, formerly used as a dry-dock facility, is a key parcel located in the center of the redevelopment zone, and company officials say it will speed up the progress of the first phase of their Landings at HarborSide project. With a price tag of an estimated $600 million, the project will bring 2,100 residential units, retail development, recreation, parks, a marina and a hotel to this city’s waterfront over the next eight years.