Kushner Moves Into Williamsburg With $33.8 Million Purchase of Rental Building

Real estate developer and New York Observer owner Jared Kushner has bought a Williamsburg rental building at 50 North 1st for $33,800,000, The Real Deal reported. The seven-story, 46-unit building was previously owned by a partnership between Property Markets Group and Largo Investments, which bought the building in 2011 for $10,490,000. PMG bought the building from the bank after the initial developer, Israel Gold, defaulted. DOB violations and other construction issues had stalled construction for years, and in 2009, a partial building collapse at the construction site forced an evacuation at the building next door.

Construction at the 54,699-square-foot building dragged on for five years until it finally wrapped in 2012. The developer released six rental units in May and another 12 have followed since then. The apartments were one- and two-bedrooms priced from $3,175 to $4,325 a month.

Kushner, who is married to Ivanka Trump, has been expanding into Brooklyn. In October, Kushner Companies partnered with two others to purchase a huge parcel of five former Witnesses properties in Dumbo for $375,000,000.

Kushner Buys Williamsburg Rental From PMG for $34 Million [TRD]
Rental Listings Pop up for 50 North 1st Street [Brownstoner]
Progress Being Made at 50 North 1st Street [Brownstoner]
Stalled Burg Site Sells, Restart Coming? [Brownstoner]
Frozen at 50 North 1st Street [Brownstoner]
Partial Building Collapse, Evacuation at North 1st Street [Brownstoner] GMAP
Rendering via 50 North 1st Street