Kushner Cos. has offloaded two Boerum Hill apartment buildings for a combined $11 million — almost $4 million less than the firm bought them for a decade ago — records show.
The Fifth Avenue-based Kushner Cos. has sold 354 and 356 State St. in the Brooklyn neighborhood, according to a deed that appeared in the city register Tuesday. The adjacent properties, completed in 1920, each stand 5 stories tall and have 40 rental units across them both.
Matthew Burrows, director at Kushner Cos., signed the deed on behalf of the seller, records show; the firm sold the properties under an entity named after their addresses. The firm, founded in 1985, acquired the buildings, between Hoyt and Bond streets, for $14.8 million in 2015, according to a deed from that time.
The buyer, meanwhile, is Midtown-based developer Penn South Capital, which last year also snapped up a pair of East Village properties from Kushner Cos. for $22 million, Crain’s reported.
The signatory for Penn South Capital was its founder and managing partner, Parag Sawhney, who did not return a request for comment by press time. Attorney Brandon James, a partner at the Lower Manhattan-based law firm Borah Goldstein Altschuler Nahins & Goidel, which is representing the buyer, also did not return a request for comment by press time.
Neither of the buildings has any available units. A one-bedroom last rented there earlier in May for $3,495 a month.
The sale of the two Brooklyn apartment buildings comes as Kushner Cos. is parting ways with much of its Manhattan stock. The company has so far sold about a third of its portfolio of three-dozen properties in the borough, as it instead ventures into the Southeast and Sunbelt regions of the country, as Crain’s has previously reported.
It’s unclear how many buildings remain within the company’s New York portfolio. Its website puts the total number of units at 684, but the list contains several buildings the firm has already sold, including 325 E. 10th St. and 518 E. 13th St.
Elsewhere in Manhattan, Kushner Cos. earlier this year purchased a nearly 40% stake in a Lincoln Square school building for just over $10 million, Crain’s reported in February. The firm did not return a request for comment by press time.
From 2005 to 2017, the real estate company was run by Jared Kushner, husband to President Donald Trump’s daughter Ivanka. When he stepped down, Kushner became an adviser in Trump’s first administration. The firm’s current president is Nicole Kushner Meyer, Kushner’s sister, and its CEO is Laurent Morali.
