News:
Brokerage
Posted: January 26, 2015
Kushner Companies acquires four-building, 143-unit multifamily Astoria, Queens portfolio for $51 million
According to Jared Kushner, CEO of Kushner Companies, the company has acquired a four-building, 143-unit multifamily portfolio in the Astoria section for $51 million, the company's first investment.
The portfolio of pre-war walk-up apartment buildings includes 21-80 and 21-81 38th St., and 23-05 and 23-15 30th Ave. in Astoria, with a mix of one, two and three-bedroom apartments. The portfolio also includes 11 stores along the burgeoning Ditmars Blvd. retail corridor. Current retail tenants include Dunkin Donuts and a number of local merchants, including a pizzeria and laundromat.
The seller, DOUGCAP ASTORIA I LLC, was represented by Michael Guttman of Rosewood Realty Group. Aaron Jungreis of Rosewood Realty Group represented the buyers.
"We have been extremely interested in the Astoria multifamily market for quite some time due to the area's long-time stability, quality housing stock and convenient proximity to Manhattan," Kushner said. "Kushner Cos. has a long history of value and investment in our assets with the goal of transforming our buildings to best in class in their market."
The acquisition marks the latest addition to Kushner Companies' growing residential business operations in New York City, which now includes properties in the East Village, West Village, Brooklyn Heights, Astoria, Williamsburg and SoHo.
Tags:
Brokerage
MORE FROM Brokerage
NYSCAR June 2026 president’s message - by Mercedes Brien
As I write this letter, we are preparing to be at the Annual Conference being held at the Rivers Casino, Schenectady, New York. I look forward to reporting on the conference in my next letter. We have some great courses coming up via Zoom. Please be sure to keep watch on upcoming courses by visiting nyscar.org/resources and tools/professional development.
Quick Hits
Columns and Thought Leadership
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman
July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
