Kushner Nears Deal to Build 600 Apartments in Perth Amboy

Kushner Companies could soon move ahead with bringing more than 600 apartments to the Perth Amboy waterfront.

Perth Amboy’s city council introduced an ordinance to approve a tax break and financial agreement with an affiliate tied to Kushner for the redevelopment of multiple sites, MyCentralJersey.com reported. A public hearing and potential final adoption of the ordinance, which includes a PILOT agreement, are scheduled for Feb. 12.

The city council previously tabled a similar ordinance amid concerns about the preservation of the former Perth Amboy Police Headquarters and First Aid Squad building. It’s unclear what resolution the two sides reached and a spokesperson for the city did not respond to a request for comment.

Should the ordinance be adopted, Kushner will be able to move forward with its $200 million plan to build 602 apartments on Front, Commerce, Rector, Broad, High and Fayette streets.

The plans call for five five-story buildings. The development will include more than 900 parking spaces and be constructed in three phases.

The redevelopment requires more than $12.5 million in infrastructure improvements, such as the construction of a waterfront bulkhead and esplanade, streetscaping, and utility infrastructure improvements.

Kushner previously developed Landings at Harborside in Perth Amboy, a $600 million planned redevelopment with two condo buildings delivered. Several years ago, dozens of condo owners at the complex reached a confidential settlement with Kushner over alleged construction issues.

Kushner Companies is headed by CEO Laurent Morali and was founded by Charles Kushner, who is the father to Donald Trump’s son-in-law, Jared, and a nominee to serve as the ambassador to France.

In October, the real estate firm hit a valuation of $2.9 billion, according to Forbes, nearly tripling since 2016. The company’s value exceeded that of Trump’s real estate empire, which was worth $2.2 billion at the time.

— Holden Walter-Warner