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Kushner Sells Stakes In 2 Major Brooklyn Developments

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Kushner Sells Stakes In 2 Major Brooklyn Developments
The Watchtower sign, soon to be removed

Kushner Cos. reportedly sold its stakes in the Brooklyn Panorama complex and 85 Jay St. to CIM Group.

Kushner owned 2.5% in each of the projects, the New York Post reports. CIM paid a total of $17M to acquire the minority stakes.

LIVWRK and CIM paid $345M for the development site at 85 Jay St. in 2016. The same group bought the site at 25-30 Columbia Heights, known as the Watchtower complex before it was rebranded as Panorama, for $340M earlier that year.

CIM Group told the Post that Kushner would now focus "its attention and resources on projects where it holds substantial ownership interests.” The family firm is in the process of buying Vornado’s interest in the office tower at 666 Fifth Ave. for $120M.

Last year, Kushner sold its ownership interest in a building at 175 Pearl St. to a company in which the Japanese government has a controlling stake. Ethics experts have repeatedly raised concerns about the Kushner Cos. business while Jared Kushner serves as senior adviser to President Donald Trump.