Printer Friendly

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.
COPYRIGHT 2006 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2006, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Author:Flynn, Gerard
Publication:Real Estate Weekly
Geographic Code:1USA
Date:Jun 21, 2006
Previous Article:It's official: Mills Corp. for sale.
Next Article:Developers have big plans for new Bronx retail mecca.

Related Articles
Seeking new opportunities in tri-state area and beyond.
Kushner begins final phase of Columbia Corporate Center.
12-building portfolio sold for $78 million.
Kushner buys $45m Windsor Towers.
Hoboken luxury complex sold to ING in $70m deal.
Kushner secures $28M refinace package.
Kushner open house highlights opportunities in urban settings.
Partners buy Valley complex.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters