Seeking new opportunities in tri-state area and beyond.
More than 45 years of development experience, a track record of successful acquisitions and strong, long-term banking relationships have helped the Florham Park, NJ-based company implement its ambitious plan, which includes rapid expansion into new residential markets and several acquisitions in the tri-state area.
"Decades of experience and a long-term, often conservative approach to our ventures have enabled our firm to weather fluctuations in the markets, and recognize emerging opportunities," said Richard Stadtmauer, a managing director at Kushner Companies. "In fact, we have been extremely careful over the past few years to prepare. ourselves for a market swing and, fortunately, that strategy is now working to our advantage."
Kushner Companies is also bolstered by its financial security. Last year alone, in addition to its own equity investments, the firm secured over $300 million in financing for new acquisitions. Most of the financing took the form of 20- to 30-year self-liquidating mortgages with fixed interest rates for the life of the loans.
In New Jersey, several residential projects are currently being developed by Kushner's new construction division, Westminster Communities, including Westwood, Randolph, West Orange, West End, Brick, Delaware Township, Clinton, Martinsville and Evesham. The company is creating everything from luxury single-family homes to townhomes, large multi-family complexes and active independent adult communities. According to Nicholas Minoia, president of Westminster Communities, "The company expects to deliver more than 500 homes this year alone, and the pipeline for next year and beyond is even greater."
Other area projects include expansions at its master-planned Beaver Brook Country Club community in Clinton Township, where the firm has launched a luxury town-home community called Westgate at Beaver Brook. In addition, the firm has sold out two new home communities overlooking the Beaver Brook Golf Course and Country Club, and is witnessing brisk sales at two additional new home communities there.
Beyond these area endeavors, the company has several thousand homes in the development pipeline, which are slated for completion over the next few years. According to Jeffrey Freireich, a managing director of Kushner Companies, "Westminster Communities has some 40 projects in various stages of the development approval process. These projects range from large General Development Plans consisting of several hundred homes, to single-family luxury home projects to urban redevelopment projects, where it will be building and rehabilitating major urban areas in cooperation with various city administrations.
Meanwhile, it is extending its reach still further with affiliations with other builders, including the Vizzoni Group; and the ARC Group, with which Westminster Communities will build an adult community in Brick Township.
In its first luxury home-for-sale endeavor in New York, Westminster Communities is constructing Centennial Ridge in Carmel (Putnam County), NY, featuring 54 luxury homes overlooking a new golf course, and conveniently located near the Metro-North Hudsonrail line. In addition, Westminster Communities is looking to further expand its holdings in New York State and New
England and has established an affiliate office in Connecticut.
Its new development plans expand the company's existing multi-family portfolio of more than 10,000 apartment units, ranging from urban high-rises such as Elizabeth's Westminster Towers, Jersey City's Montgomery Towers and Edgewater's River Club on the Hudson River waterfront, to classic garden apartment complexes including Elmwood Village in Elmwood; West End's Edgewater Gardens, Glen Ellen Apartments and Ocean Terrace; and Eatontown's Eatoncrest Apartments. The average occupancy rate in these communities is 98 percent. Florida properties include Windsor Gardens, Sandy Park and The Waterclub in Daytona Beach, where Kushner also maintains a Florida office.
In addition to what the company owns and manages, there are several new rental construction projects in progress that include Woodview in Mariton and The Curling Club in Hoboken. Kushner Companies is one of the few privately-held companies in the state which continues to build rental apartments.
In New Jersey and beyond, Kushner Companies is actively expanding its commercial portfolio as well, which now includes several million feet of commercial and industrial space.
In New York, Kushner's commercial and residential holdings include the 500,000 squarefoot Bruckner Shopping Plaza in The Bronx; condominiums at 715 Park Avenue; the world-renowned Puck Building in the Flatiron District; and the firm's New York City headquarters at the landmark townhouse on Madison Avenue and 64th Street. Kushner Companies has just purchased several luxury residential properties in Manhattan, including the entire blockfront of buildings between 68th and 69th streets on Columbus Avenue.
Kushner Companies' recent growth has included expansion into affiliated businesses such as banking, insurance and real estate brokerage.
Buoyed by the combination of success and underlying financial vitality, Kushner Companies is all but certain to continue at its brisk clip, aggressively seeking new acquisition and development opportunities in New York City, the Northeast and beyond.
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|Publication:||Real Estate Weekly|
|Date:||Jan 13, 1999|
|Next Article:||Record low vacancies, high rents mark NJ markets.|