Kushner Cos. Buys Back N.J. Property It Sold To Finance 666 Fifth Ave. Purchase
Kushner Cos. has reached into its past for an acquisition in what was once its bread-and-butter — New Jersey multifamily.
The company purchased Quail Ridge Apartments in Plainsboro, New Jersey, from Angelo Gordon & Co. for $190M, 10 years after it sold the same complex to help finance its purchase of 666 Fifth Ave., Bloomberg reports.
666 Fifth was meant to be Charles and Jared Kushner's signature asset in their pivot from leading a New Jersey giant to throwing their weight around in the cutthroat New York market, but recent years have seen the debt surrounding that purchase eat into their portfolio and affect the company's decisions elsewhere.
Quail Ridge is a 52-acre property containing 1,032 apartments spread across several low-slung buildings — similar to the low-rise communities on which the Kushners built their fortune, rather than the larger, high-visibility properties in New York that have both raised the company's profile and courted controversy and ethics complaints.
Though Bloomberg suggests the purchase of Quail Ridge could be a signal that the Kushners are returning to their old ways, Kushner Cos. President Laurent Morali denied any large-scale shift in strategy, saying the purchase “reflects our strategy of vigorously pursuing investment where we see significant potential value.”
Kushner Real Estate Group, founded by Charles Kushner's relative Murray Kushner, has been quite active in the Plainsboro area in recent years, most recently buying a garden apartment complex there in August.