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Kushner Companies continues to expand its real estate empire in the Garden State.
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Jared Kushner’s Kushner Companies has reportedly acquired the Pier Village beachfront redevelopment project in Long Branch, NJ for $200 million. The details are being worked out with the property’s current owners Ironstate Development, formerly Applied Development, this according to a report in the Asbury Park Press.
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Of the $200 million, $170 million is for the Pier Village Phases 1 and 2 and $30 million for the vacant parcel Pier Village Phase 3.
The property itself is valued at $93 million. Howard Woolley, the city’s business administrator, said of Kushner’s Phase 3 acquisition: “They would be purchasing the development deal for that project.”
Long Branch Mayor Adam Schneider said the deal must first get approval from the city council before the project could proceed. “I think without us, they can make a sale, ” Schneider told Asbury Park Press. “Our agreement with Applied can only be transferred with our consent and approval and there is a lot of work that has yet to be done before a redevelopment agreement can be transferred to another party.”
“We can’t unreasonably refuse, but we are not there. We are at step one and we’ve got to work it out.”
Constituting about 40 acres of land along the Long Branch waterfront, the site includes Pier Village, an 18-acre Victorian style mixed use village along the oceanfront. Much of the work has already been completed. This included demolition of the existing infrastructure and construction of 120, 000 square feet of retail space.
There will also be 562 residential units, two parking garages and 30, 000 square feet of boardwalk along the Atlantic Ocean. There’s also a plan for a 59, 810 square foot Hotel Lucky, 60 condominium units, 27, 905 square feet of retail space, a vintage-style carousel, boardwalk improvements, a children’s play area and a stage.
The Kushner family had previously attempted to acquire the location ten years ago, but a scandal erupted in which Jared’s father, Charles, was convicted in federal court in 2005 for making illegal campaign contributions, tax evasion and witness tampering and served a year in prison.
There is currently a redevelopment bond in place so there will be no new tax abatements imposed. Jared Kushner is the principal owner of his family’s Kushner Properties, a real estate development and holding company.
Jared Kushner also owns The New York Observer and has an estimated $200 million net worth.
