Kushner Companies creates new affiliate, Kushner Properties.

Kushner Companies, one of the fastest growing private real estate organizations in the Northeast, has created a new affiliate, Kushner Properties, to supervise activities within the company's rapidly expanding commercial portfolio, announced Stewart Epstein, chief operating officer. Kushner Properties coordinates all management and leasing of the company's office, industrial and retail property, which now totals more than 7.5 million SF.

Donny Furer, director of commercial management, and Ira Bloom, director of commercial leasing, are heading the new division. The two have worked together closely for the past three years in the management, marketing and leasing of the company's commercial portfolio. Approximately 40 additional employees comprise the division, most of whom are based in the field, at or near the company's 33 office, retail and industrial properties in New Jersey, New York and Connecticut.

"The creation of Kushner Properties as- an umbrella organization for our commercial portfolio acknowledges the- significance of this rapidly growing facet of our business," explained Epstein.

"In the past 18 months, we have significantly increased our office and retail holdings. Today, we have some 450 commercial tenants, and that number continues to grow. Donny and Ira are a great team who already work closely with our tenants and other staff and departments throughout the Kushner organization. They will focus on adding value and maintaining high occupancies at both newly acquired and existing properties through implementation of strategic management and integrated marketing and leasing programs."

During the past two years, new commercial property accounted for one of the fastest growing areas of new business at Kushner Companies, accomplished through diversified activity including the creation of new partnerships, completion of major portfolio purchases, and the acquisition and development of individual properties.

For example, at the end of 2002, Kushner acquired the 1.5 million-SF. Monmouth Mall in Eatontown, N.J., in a joint venture with Vornado Realty trust. With more than 150 retailers and restaurants, the 90-acre Monmouth Mall is one of Central Jersey's largest shopping destinations and a prestigious addition to Kushner's portfolio. The company is currently in the planning stages for a proposed expansion of the bi-level mall.

In addition, during 2001, the company acquired a large portfolio of northern New Jersey office properties totaling 920,000 SF from Keystone Property Trust, and the company completed construction of its new headquarters building, the 160,000-SF 18 Columbia Turnpike. The firm also capped off a $5 million renovation at The Military Park Building, a 222,000-SF landmark office building in Newark, New Jersey.

The level of new commercial activity continues. This year, another Kushner affiliate, The Landings at Harborside LLC, is actively working on a $600 million waterfront redevelopment in Perth Amboy, N.J., that will feature a mix of residential and retail space. Similarly, the firm is involved in a residential and retail development in Asbury Park and also a mixed use project in Cranford, N.J. "Kushner Companies is one of the state's most active companies involved in urban redevelopment, and Kushner Properties' involvement as these projects move ahead will be a key to the company's continued progress," Epstein noted.