Kushner Properties Owns Only a Tiny Fraction of Most of Its New York City Buildings

Kushners’ New York City Buildings Are Mostly Owned By Others
Kushners’ New York City Buildings Are Mostly Owned By Others
Photo: Bloomberg

According to a recent report in Bloomberg:

Kushner Cos. has a stake in more than 60 buildings in New York City, including Greenwich Village apartments and tony Brooklyn offices. In 60 percent of the properties, the Kushners own less than half of each, the analysis shows. In nearly half, they own less than 20 percent. In some high-profile cases, such as Brooklyn’s Watchtower Building, their ownership is in the single digits.

There’s nothing unusual about being a minority partner that manages or develops properties for others. But Kushner Cos. often projects a different image. On its website, for example, the company lists 80 and 90 Maiden Lane as a “key asset” despite its tiny, non-controlling share. In public statements, it sometimes conflates its own stakes with those of its partners. A release from last year describes the firm as having done $7 billion in acquisitions since 2007, a figure that can only be reached by including their partners’ funds. A similar release describes “reach” of more than “20,000 multifamily apartments, as well as 12 million square feet of office.” Those figures require compilation of properties where Kushner Cos.’ ownership is marginal.

via Bloomberg

Matt Coneybeare

Matt Coneybeare

Editor in Chief

Matt enjoys exploring the City's with his partner and son. He is an avid marathon runner, and spends most of his time eating, running, and working on cool stuff.

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