Kushner Companies

Kushner Companies
Privately-held company
Founded 1985 (1985)
Founders Charles Kushner
Headquarters 666 Fifth Avenue, New York City
Key people
 Charles Kushner
Jared Kushner
Joshua Kushner
Laurent Morali, President
Services residential development
Website www.kushner.com

Kushner Companies is an American multibillion-dollar real estate developer and lender in the New York City metropolitan area.[1] The company's biggest presence is in the New Jersey residential market. It also owns the Puck Building in New York City. Its founder, Charles Kushner, was convicted of tax evasion and witness tampering in 2005, and served time in federal prison, and as a result he handed over the management of the company to his son Jared Kushner.[2]

Activities

The company is developing two large projects at Journal Square in Jersey City. It plans to develop a tower on the site of the former Jersey Journal building as well as twin towers on a vacant lot at Journal Square.[3]

The company owns properties in Long Branch, New Jersey[8] and the nearby Monmouth Mall, which Kushner acquired when it fully purchased the non-management joint venture with Vornado Realty Trust that owned the mall. The company has received multiple loans from Israel’s Bank Hapoalim.[9]

History

In 2003, New York University and Kushner Properties announced that the University had signed a 15-year lease for three floors, comprising 75,000 square feet (7,000 m2) of contiguous space, in the historic Puck Building, 295 Lafayette Street in Manhattan's SoHo neighborhood.[10]

In December 2006 the company announced plans to buy 666 Fifth Avenue for $1.8 billion, which is the biggest deal for an individual building in New York City history.[11]

In early 2007, Kushner bought the building at 666 Fifth Avenue, New York City, for US$1.8 billion, the highest price ever paid for a single office building in the United States.[12][13] Subsequently Kushner shifted focus from his New Jersey real estate operations to the New York market. In July 2007, the Kushner Companies sold 17,500 apartments in the states of New Jersey, Pennsylvania, Delaware, Maryland and New York, valued at $2 billion.[14][15] Before that sale, the Companies had employed approximately 800 people.[12]

In August 2011, representatives from the Kushner Companies made a presentation to the Perth Amboy Redevelopment Agency proposing a scaled-back design concept for the Landings at Harborside, a residential development set to be built along the city's waterfront, and allowing rental housing instead of owner-occupied units as originally planned. The plan, which would save two historic Perth Amboy buildings, was endorsed by Mayor Wilda Diaz, who was quoted as saying "Too many sites have been torn down. Let’s restore them and use them for other purposes." She further said that Kushner sketched a concept for the courthouse that was incorporated into the redesign.[16]

On July 5, 2013, Kushner Companies signed an agreement to purchase a five-building complex in Brooklyn, New York formerly used by Jehovah's Witnesses.[17]

In the 2010s developers such as the Kushner Companies widely used the EB-5 visa to fuel a "high-end US residential boom."[18] In May 2017, President Donald Trump renewed the visa program in his first major piece of legislation.[19]

In 2016, Kushner Companies opened Trump Bay Street, a luxury 53-story apartment tower in Jersey City, New Jersey.[20] The Kushners partnered with a company linked to Beny Steinmetz on the $250 million project, which was financed through a $30 million cash investment by the Kushners and $190 million in loans, including a $140 million construction loan from CIT Group and $50 million of investments from Chinese nationals purchasing EB-5 visas.[20] By June 2017, the building had reached half occupancy and was valued at up to $360 million, leading the Kushners to seek $250 million in refinancing.[20] Jared Kushner retained his interest in the building after becoming Senior Advisor to President Trump, his father-in-law.[20]

In 2017 Nicole Kushner Meyer joined her brother Josh in Kushner Companies, serving as a principal.[21] Meyer was criticized for mentioning her brother's White House position during investor presentations she gave in China when soliciting $150 million for 1 Journal Square, causing her to cancel the rest of her roadshow appearances. [22]

References

  1. ↑ Becker, Susanne Craig, Jo; Drucker, Jesse (7 January 2017). "Jared Kushner, a Trump In-Law and Adviser, Chases a Chinese Deal". Retrieved 24 April 2017 – via NYTimes.com.
  2. ↑ York, Byron. "Byron York: The sordid case behind Jared Kushner's grudge against Chris Christie".
  3. ↑ [4][5][6][7]
  4. ↑ "40-story tower planned for site of old Jersey Journal office". Retrieved 24 April 2017.
  5. ↑ "Revealed: 30 Journal Square – New York YIMBY". Retrieved 24 April 2017.
  6. ↑ "Renderings released for long-stalled Journal Square twin towers project". Retrieved 24 April 2017.
  7. ↑ "A big change for Journal Square J2 breaks ground; first huge development in transit hub - As bulldozers bumped outside officials gathered within a few steps of the PATH station for the long awaited ground breaking of Journal Squared on Oct. 21. Th...". Retrieved 24 April 2017.
  8. ↑ "Trump's son-in-law settles lawsuit with 2 Jersey Shore restaurants". Retrieved 24 April 2017.
  9. ↑ Becker, Susanne Craig, Jo; Drucker, Jesse (7 February 2017). "Jared Kushner, a Trump In-Law and Adviser, Chases a Chinese Deal" – via NYTimes.com.
  10. ↑ Dunlap, David W., (June 22, 2003). "Postings: 2 Floors for Wagner Graduate School; N.Y.U. Leases 3 Floors at Puck Building". The New York Times. Retrieved September 28, 2011.
  11. ↑ "A Big Deal, Even in Manhattan: A Tower Goes for $1.8 Billion". New York Times. December 7, 2006.
  12. 1 2 Elkies, Lauren (November 1, 2007). "The Closing: Charles Kushner" Archived May 31, 2010, at the Wayback Machine.. The Real Deal. Retrieved September 28, 2011.
  13. ↑ Bagli, Charles V. (December 7, 2006). "A Big Deal, Even in Manhattan: A Tower Goes for $1.8 Billion". The New York Times. Retrieved November 12, 2007.
  14. ↑ Smothers, Ronald (June 14, 2006). "Newark: Large Real Estate Block Offered for Sale". The New York Times. Retrieved September 28, 2011.
  15. ↑ "Kushner's blow-out sale.", Real Estate Weekly, July 4, 2007. Retrieved September 28, 2011.
  16. ↑ Russell, Suzanne (September 16, 2011). "Perth Amboy's Landings at Harborside project takes new direction". Home News Tribune. Archived April 2, 2015, at the Wayback Machine.
  17. ↑ "Purchase Building Complex". jw.org. Retrieved 13 July 2013.
  18. ↑ Edward Helmore (7 April 2017). "Immigrant investor program under fresh scrutiny as Chinese president visits US: FBI raided Chinese-focused cash-for-residency scheme linked to EB-5 visa that has been used by developers such as Jared Kushner before Trump met Xi Jinping". The Guardian. New York. Retrieved 7 May 2017. FBI raids were focused on the California Investment Immigration Fund, a business allegedly connected to abuses of the controversial EB-5 program
  19. ↑ Eric Lipton; Jesse Drucker (9 May 2017). "Kushner Family Stands to Gain From Visa Rules in Trump’s First Major Law". The New York Times. p. A1. Retrieved 8 June 2017.
  20. 1 2 3 4 Drucker, Jesse; Bagli, Charles V. (6 June 2017). "Kushner Companies Seeking $250 Million to Pay Off Chinese Backers". The New York Times. p. A18. Retrieved 7 June 2017.
  21. ↑ Caroline Hallemann (21 March 2017). "8 Things You Should Know About the Kushner Family: Here's what you need to know about the world of Jared Kushner, Trump's right-hand man". Town and Country Magazine. Retrieved 7 May 2017.
  22. ↑ Hernández, Javier C. (13 May 2017). "Kushner Companies Backs Out of Chinese Investor Events After Furor". The New York Times. p. A16. Retrieved 8 June 2017.
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