Kushner To Sell 18,500 Units

Florham Park, NJ —After being in the region’s multifamily market for decades, Kushner Cos . is divesting a significant portion of its apartment holdings in the area. The locally based company has enlisted CB Richard Ellis and Goldman Sachs to help it sell a portfolio of 18,500 residential units in New Jersey, Pennsylvania, Delaware and New York.

The firm’s decision reflects a shift in its business strategy to focus on a growing portfolio of commercial properties, which includes more than 6.5 million sf of office, industrial, hotel and retail space. The properties include 666 Fifth Ave. in New York City, which it recently purchased for $1.8 billion.

“We have made a strategic decision to shift our real estate focus in a meaningful way to concentrate on significant asset investments, particularly in New York City,” stated Jared Kushner, a principal of the company. “We have assembled a comprehensive portfolio of apartment complexes throughout the New Jersey and Pennsylvania area. This transaction will allow a new owner to automatically become one of the largest multifamily owner operators in New Jersey, which has the highest median household income in the United States.”