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Kushner to sell $2B NJ portfolio.

One of the largest real-estate deals ever in New Jersey is currently under consideration. Acting chairman of Kushner Companies, Alan Hammer, told REW that the firm is considering the sale of its Westminster Management division, a portfolio of some 17,600 rental-apartments, which reportedly could fetch close to $2 billion.

"The family has operated these buildings for over 20 years and there was no thought of selling them until we received serious enquiries," he said.

Hammer declined to disclose who the interested parties are and did not say when they would reach a decision, although he did confirm that they are "institutions, not individuals."

"We have received a number of enquiries about the sale of the apartments and we have engaged Goldman Sachs to investigate the potential for doing such a transaction, but now we are nowhere near deciding if there is going to be a sale," he said.

When asked why the company had decided to sell, Hammer was unequivocal. "It's a function of price," he said. Hammer has been the acting chairman of Kushner Companies since 2004 when founder and chairman, Charles Kushner, was indicted on charges of witness tampering during a federal campaign-finance and tax-violation investigation. In 2005 a federal judge sentenced the 51-year-old developer to a 24-month prison term. He is reportedly due for release in the Fall.
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Author:Flynn, Gerard
Publication:Real Estate Weekly
Geographic Code:1USA
Date:Jun 21, 2006
Words:222
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