just less than $1.9 billion. Now, according to a report in The Bergen Record, any or all of those properties, a large percentage of which are in New Jersey, are for sale as the ailing insurer tries to raise cash.

AIG had announced last month that it would try to sell some non-core assets, including its AIG Global Real Estate Investment Corp. The latter controls the former Kushner portfolio, and the properties themselves are managed by Morgan. An AIG spokesman declined to comment on the report, and a spokesman in Morgan Properties' office here told GlobeSt.com that, "we are under orders not to comment on any properties in the portfolio."

AIG is reported to have put $500 million of equity into the Kushner deal, with several banks funding the rest of the sale price. As far as the current value of the portfolio and what the properties might garner in the current market, views are mixed.

"While the Kushner properties aren't likely to sell as a portfolio, there's a strong market for individual one-off properties in New Jersey and eastern Pennsylvania," Alan Hammer, a partner in the real estate practice group of the WolfBlock law firm in Roseland, NJ, tells GlobeSt.com. Hammer represented Kushner in the portfolio sale to AIG and Morgan last year."The potential return depends on individual properties," Hammer says. "When AIG bought the portfolio, they did a price allocation because it didn't matter to the seller, who was receiving a gross price. So they established prices for individual buildings, many of which they can exceed but some of which they can't.