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Westminster Towers acquired.

Westminster Towers, a 203-unit rental apartment in Elizabeth, New Jersey, was acquired from First Nationwide Bank by the Kushner Companies. This is the latest example of recent purchases in the New York Metropolitan tri-state area by the company, which has been taking advantage of a soft real estate market to further expand upon its diversified portfolio.

Westminster Towers, which was originally acquired in foreclosure by First Nationwide Bank, was purchased by Kushner at year end. Before going to contract, the property had been operating at a 60 percent occupancy rate. Under Kushner's management, it has grown to over 93 percent occupancy.

Westminster Towers, a two-tower, contemporary high-rise complex is located at 801 North Broad Street and 1341 North Avenue. The property consists of 203 spacious studio, one-and two-bedroom units, many of which offer spectacular views of the Manhattan skyline.
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Title Annotation:Kushner Companies purchases apartment building in Elizabeth, New Jersey from First Nationwide Bank
Publication:Real Estate Weekly
Date:Feb 2, 1993
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