Connect with us

Hi, what are you looking for?

Jewish Business News

Real Estate

Jared Kushner Buys New Jersey Pier Village for $200 Million

Kushner Companies continues to expand its real estate empire in the Garden State.

New Jersey Pier Village

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.

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at
Thank you.

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.



You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...


The Movie The Professional is what made Natalie Portman a Lolita.


After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.

Copyright © 2021 Jewish Business News