TODAY’S DEALS: Kushner Cos. Acquires New York Walk-Up Portfolio for $131.5M
Kushner Companies closes on the acquisition of a 16-building, 291-unit portfolio of Manhattan and Brooklyn multifamily walk-up properties; and HFF secures financing for a property near the University of Houston.
New York—Kushner Companies has closed on the acquisition of a 16-building, 291-unit portfolio of Manhattan and Brooklyn multifamily walk-up properties from Stone Street Properties and HIG Realty Partners for $131.5 million. The announcement was made by Jared Kushner, CEO of Kushner Companies.
Marcus & Millichap’s Joseph Koicim and Peter Von Der Ahe brokered the deal.
The portfolio, which also includes five retail stores, consists of 14 Manhattan buildings totaling 251 units scattered throughout the Upper East Side, Murray Hill, East Village and Greenwich Village, as well as two buildings totaling 40 units in the Boerum Hill section of Brooklyn, N.Y.
With one of the largest and fastest-growing portfolios of walk-up apartments in NYC’s emerging and most desirable neighborhoods, Kushner Companies is setting a new standard for this asset class and a growing reputation as owners and managers of the best run and well-maintained walk-up buildings in the city.
Residents benefit from Kushner Companies’ renovated apartments featuring all new stainless steel appliances, renovated hallways and a responsive management and maintenance team dedicated to customer service.
“This acquisition is a natural extension of the Kushner Companies’ growing residential portfolio and our reputation as the leading owner and manager of walk-up apartments in New York City,” said Kushner. “Through our management arm, Westminster City Living, we are bringing innovation and enhanced tenant services to this long-ignored asset class, creating value through the enhancement of these great assets to market leading status.”
Stone Street Properties, founded by Jeffrey Kaye and Robert Morgenstern, partnered with HIG to buy the portfolio of multifamily properties in 2012.
HFF secures financing for property near the University of Houston
HFF worked on behalf of Commerce Capital Partners LLC (ComCapp) to secure the 12-year, fixed-rate Fannie Mae loan through M&T Realty Capital Corp. Proceeds from the securitized loan were used to acquire the property.
Cityside Crossing is located at 5514 Griggs Road near the South Loop East Freeway and the newly-completed METRORail Southeast/Purple line. In addition, the property is less than two miles southeast of the University of Houston Central Campus. The asset is 95 percent leased and is adjacent to City Park at Palm Center, which includes a splash pad, playground, outdoor kitchen, urban garden, farmer’s market and walking trails.
The HFF debt placement team representing ComCapp was led by director Robert Wooten.