From left: Kushner Companies principal Jared Kushner and 200 Lafayette Street (credit: PropertyShark)
Jared Kushner has teamed up with Los Angeles-based CIM Group to acquire a Soho office building for $50 million, the New York Post reported.
The 130,000-square-foot office tower at 200 Lafayette Street, on the corner of Broome Street, has gone into contract. The sellers are investors John Zaccaro Sr. and John Zaccaro Jr. They bought it for $20.5 million in 2006. As The Real Deal previously reported, the pair had been disputing with partners over how to respond to a foreclosure lawsuit filed over a $29.8 million mortgage by an affiliate of Blackrock Financial Management.
The building was being marketed by Robert Burton, senior vice president of sales at Massey Knakal Realty Services, and the Post said Kushner and CIM plan to invest $20 million to convert the interior into state-of-the-art office space. The property was included in the expansion of the Soho Cast Iron Historic District.
Kushner is familiar with Lafayette Street properties in the extended Soho Cast Iron Historic District, as he has been working with the Landmarks Preservation Commission to expand the Puck Building at 295 Lafayette Street for months. Meanwhile, CIM Group has been an active partner for big New York City developers in recent months, most notably teaming with Harry Macklowe to develop the former site of the Drake Hotel. [Post, 2nd item]