NJ Shore Ferry Could Help Kushner Cos. as Property Value Rises

Long Branch, NJ, leaders have been told by the federal government that is plans to both build a pier and initiate ferry service to help tourists and other visitors arrive at a location not far from a resort property that is partially owned by President Trump’s son in law and close advisor, Jared Kushner.

Long Branch, NJ, leaders have been told by the federal government that is plans to both build a pier and initiate ferry service to help tourists and other visitors arrive at a location not far from a resort property that is partially owned by President Trump’s son in law and close advisor, Jared Kushner.

The proposed pier is located next to Kushner’s resort – leaving government officials in the politically ticklish position of seeming to benefit someone intimately connected to the White House.

According to reports, many expect that property values will jump once the project is completed. As reported by the news site Vos Iz Neias, the resort in question is peddling as many as 269 condominium properties for prices as high as $1.9 million.

The Transportation Department’s Federal Transit Administration, sent $3.34 million – more is needed — to the city of Long Branch a decade ago to help it redevelop a long-popular fishing pier.

Reports say that a recent financial disclosure report still lists Kushner – who is married to the President’s daughter Ivanka, and resigned as chief executive officer of Kushner Cos. more than 14 months ago – as a part owner.

Howard Woolley, Long Branch’s former business administrator, told Vos Iz Neias that the rebuilt pier would raise prices on the condos by at least 50%.

Kushner is the elder son of real-estate developer Charles Kushner, and served as chief executive officer of the real-estate holding and development company Kushner Companies, and of Observer Media, publisher of the New York Observer. He is the co-founder and part owner of Cadre, an online real-estate investment platform.

During the 2016 presidential campaign, Kushner helped develop and run then-candidate Donald Trump’s digital media strategy. On January 9, 2017, he was named as a senior White House advisor. He has since resigned as CEO of Kushner Companies, and as publisher of the Observer.

According to Kushner Cos., the firm had another record year in 2017, with more than $2.5 billion of transactions. As it states on its web site, “We continued to expand our multifamily portfolio with the acquisition of over 1,000 units in Plainsboro, New Jersey, and the recapitalization of 5,500 units in Maryland. Construction was completed on budget and ahead of schedule at 65 Bay Street, a 447-unit luxury high-rise in Jersey City, which we refinanced for $240 million. We recapitalized Dumbo Heights, our 750,000 square foot office campus that is nearing complete occupancy, for $600 million. Additionally, our lending platform loaned $250 million this year in accordance with our goal.”

The firm has 12 million square feet under development in New York and New Jersey. Construction is underway at the Watchtower, an iconic building on the Brooklyn skyline, and 85 Jay Street, a ground-up $1.1 billion luxury residential project spanning an entire city block in the same borough.

By: Kenneth H.M. Robeson

 

LEAVE A REPLY

Your email address will not be published. Required fields are marked with *

YOU MAY ALSO LIKE

INTERNATIONAL NEWS