NEW YORK, Nov. 25, 2014 /PRNewswire/ -- Jared Kushner, Chief Executive Officer of Kushner Companies, and Gary Barnett, President and Founder of Extell Development Company, announced today that they have acquired Pier Village, the mixed-use destination on the waterfront in Long Branch, New Jersey. The partners will revitalize the existing site and expand the community by completing the third phase of its planned development.
For more than four decades, Kushner Companies has been involved in real estate development in the New York metropolitan area. Its portfolio includes key properties and neighborhoods in both New Jersey and New York City. Extell, one of New York City's most active real estate companies, develops properties across multiple sectors including commercial, residential, retail, and hospitality. Together, the partners will create an exciting and compelling destination on the evolving Jersey Shore landscape.
Pier Village currently consists of 492 rental units with more than 90,000 sq. ft. of retail centered around Festival Plaza, an ocean-facing green space that regularly hosts community events such as outdoor fairs and concerts. Kushner and Extell also plan to begin construction on the final phase of the project, including residential condominiums, family-oriented retail and a boutique hotel.
Long Branch, New Jersey has always been a popular resort area and luxury destination with a loyal following from New York, New Jersey and Philadelphia. It was once considered the "Hollywood" of the East, where some of the greatest theatrical performers of the day gathered and where seven of the country's past Presidents visited.
About Kushner Companies:
Kushner Companies is a diversified privately held real estate organization involved in the ownership, management, development and redevelopment of numerous commercial and residential properties. The company has completed more than $12 billion in real estate transactions since 2007. Its CEO, Jared Kushner, oversees a portfolio of more than 20,000 multifamily apartments, and over 11 million square feet of office, industrial and retail space throughout New York, New Jersey, Pennsylvania, Maryland, Ohio and Illinois. In conjunction with RFR Realty, Kushner is developing a modern office campus geared to technology and media companies in the heart of the Brooklyn tech triangle. www.kushnercompanies.com
About Extell Development Company:
Founded and headed by Gary Barnett, the nationally acclaimed Extell Development Company operates in Manhattan as well as other premier cities across the nation. In collaboration with world class architects and design professionals, Extell's properties are distinguished by sophisticated design, gracious floor plans and first class amenities. The company recently completed the development of One57, a signature 90-story residential condominium with the five-star Park Hyatt Hotel at its base and is in the process of constructing what will be the tallest mixed use development in the western hemisphere – a spectacular 1,775 foot high tower on West 57th Street that will also house the first Nordstrom store in New York City. www.extelldev.com
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SOURCE Kushner Companies; Extell Development