Kushner Companies parted with a six-building multifamily portfolio in the East Village, a decade after acquiring the properties.
The firm sold the buildings to a limited liability company affiliated with David Gleitman’s Targo Capital Partners for $57.5 million, Crain’s reported. The deal closed at the end of last year.
Five of the properties that traded hands are on East 4th Street, the other one on East 10th Street. All of them are located between Second Avenue and Avenue B. Kushner purchased the properties in 2013 for $51.6 million.
There are 112 units across the portfolio, breaking the sale down to slightly more than $513,000 per unit. Most of the buildings are relatively small, though there are 48 units at 120 East Fourth Street.
Both Kushner and Targo did not respond to requests for comments from Crain’s.
Marcus & Millichap’s Joe Koicim represented both the buyer and seller.
Kushner’s investments in the Manhattan rental market began in 2012. The firm grew to be the second-largest owner of apartment buildings in the Lower East Side at one point, reportedly only trailing Steve Croman. But when Jared Kushner departed for the White House in 2017, the firm started moving to offload some of its New York holdings.
In November, Kushner sold a multifamily property on East 12th Street for $19.5 million. An entity controlled by the Sabet Group bought the 50-unit property.
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Earlier last year, Gleitman’s Targo Capital bought a walkup at 5 Spring Street in Bowery for $10 million. RA Cohen & Associates sold the 21-unit property.
Other notable East Village transactions in the past 12 months include a deal from a year ago, when an entity linked to landlord Nuchem Obstfeld bought a five-building portfolio near Tompkins Square Park for $29 million. The portfolio included 31,000 square feet and 68 residential units, as well as seven commercial units.
This article has been updated with broker information for the portfolio sale.
— Holden Walter-Warner