Kushner Companies
| Company type | Private |
|---|---|
| Industry | Real estate development |
| Founded | 1985 |
| Founder | Charles Kushner, Joseph Kushner |
| Headquarters | Manhattan, New York City , United States |
Area served | New York City metropolitan area, New Jersey |
Key people | Jared Kushner, Nicole Kushner Meyer, Joshua Kushner |
| Products | Residential and commercial real estate properties |
Number of employees | 800 (2007) |
Kushner Companies LLC is a U.S.-based real estate developer operating primarily within the New York City metropolitan area, and it maintains a notable foothold in the residential market of New Jersey. By 2017, the firm possessed interests in more than 60 properties throughout New York City, including prominent assets such as the Puck Building and retail premises at 229 West 43rd Street. The company formerly owned 666 Fifth Avenue until its divestiture in 2018. In 2020, Kushner Companies relocated its corporate headquarters to Manhattan’s GM Building.
History
Established in 1985 by Charles Kushner alongside his father, Joseph Kushner, leadership transitioned to Charles’s eldest son, Jared Kushner, following Charles’s 2005 conviction on charges of tax evasion and witness tampering.
The company has obtained multiple financing arrangements from Israeli lender Bank Hapoalim and secured a $30 million equity infusion from Israeli insurer Menora Mivtachim in 2017, which supported a development initiative in Maryland. That same year, Nicole Kushner Meyer joined the firm as a principal, working alongside her brother Joshua Kushner. Meyer attracted criticism for invoking Jared Kushner’s White House affiliation during investor meetings in China while raising $150 million for the 1 Journal Square project in Jersey City, leading to the cancellation of subsequent roadshows. Additionally, the company requested $113,659 from Jersey City to reimburse legal fees associated with that development.
By 2017, reports indicated that Kushner Companies was experiencing financial distress, prompting family efforts to secure international capital amid fiscal difficulties. Throughout the 2010s, the firm leveraged the EB-5 visa program to finance upscale residential developments; this program received renewal under President Trump in May 2017. Later that year, Kushner Companies came under scrutiny when the U.S. Attorney issued subpoenas regarding EB-5 funding.
In December 2017, prosecutors subpoenaed Deutsche Bank records connected to Kushner Companies. Subsequent reports in 2019 revealed that Deutsche Bank employees had flagged suspicious transactions involving entities controlled by Donald Trump and Jared Kushner; however, these concerns were reportedly dismissed by senior bank management.
In 2020, Kushner Companies secured loans totaling $786 million from government-sponsored enterprise Freddie Mac, enabling acquisitions of thousands of apartments across Maryland and Virginia under favorable conditions that raised questions about potential conflicts of interest due to Jared Kushner’s advisory role in the White House.
Acquisitions
In 2003, New York University entered into a 15-year lease agreement for 75,000 square feet of contiguous space within the historic Puck Building located at 295 Lafayette Street in Manhattan’s SoHo district.
In December 2006, Kushner Companies announced its intention to purchase 666 Fifth Avenue for $1.8 billion—a record-setting price for a single-building transaction in New York City at that time. The acquisition was finalized in early 2007 at an unprecedented valuation for a U.S. office property. However, escalating debt compelled Kushner to cede a 49.5% stake to Vornado Realty Trust four years later. Plans to demolish and reconstruct the tower at twice its original size were opposed by Vornado. The property remained a substantial financial liability until it was leased out in 2018.
Refocusing from New Jersey assets toward New York real estate holdings, Kushner Companies divested 17,500 apartments across New Jersey, Pennsylvania, Delaware, Maryland, and New York in July 2007 for $2 billion. Prior to this transaction, the company employed approximately 800 personnel.
In August 2011, Kushner Companies proposed a downsized design for the Landings at Harborside residential development in Perth Amboy, New Jersey. The revised plan preserved two historic structures and allowed rental units instead of owner-occupied residences. This proposal received endorsement from Mayor Wilda Diaz.
On July 5, 2013, Kushner Companies agreed to acquire a five-building complex in Brooklyn Heights formerly owned by Jehovah's Witnesses for $340 million; CIM Group retained a majority ownership share of 95%.
In 2016, the company launched Trump Bay Street—a luxury residential tower rising 53 stories—in Jersey City, New Jersey. The $250 million project was financed through a combination of $30 million equity from Kushner cash reserves, a $140 million construction loan provided by CIT Group, and $50 million raised from Chinese EB-5 visa investors. By mid-2017, occupancy reached approximately fifty percent with valuations up to $360 million; refinancing efforts targeted $250 million. Jared Kushner maintained his ownership interest after assuming his senior advisory position within President Donald Trump’s administration.
Additionally, Kushner Companies holds properties in Long Branch, New Jersey—including full ownership of Monmouth Mall following acquisition of the non-management joint venture interest previously shared with Vornado Realty Trust.
Controversies
In 2017, Nicole Kushner Meyer became a principal at Kushner Companies alongside her brother Josh. During investor meetings in China aimed at raising $150 million for 1 Journal Square in Jersey City, she attracted criticism for invoking Jared Kushner's position in the White House, which resulted in the cancellation of her remaining roadshow events. Additionally, the firm requested $113,659 from Jersey City to reimburse legal fees connected to the project.
That same year, Bloomberg described Kushner Companies as being in a "distressed situation," with family members actively seeking substantial foreign investments to manage financial difficulties.
Throughout the 2010s, the company made extensive use of the EB-5 visa program to fund luxury residential developments across the United States. President Trump renewed this program in May 2017, providing advantages to Kushner's projects. Subsequently, the U.S. Attorney issued a subpoena to Kushner Companies concerning their EB-5 visa financing methods.
In December 2017, the United States District Court subpoenaed Deutsche Bank for records associated with Kushner Companies. A 2019 New York Times investigation disclosed that Deutsche Bank’s anti-money laundering unit had identified suspicious transactions involving entities controlled by Donald Trump and Jared Kushner, including transfers to Russian nationals; however, bank executives declined to file suspicious activity reports.
In 2020, ProPublica and WNYC revealed that Kushner Companies obtained $786 million in loans from Freddie Mac, a government-backed lender, facilitating the purchase of thousands of apartment units in Maryland and Virginia. The terms of these loans were notably favorable, sparking concerns about potential conflicts of interest due to Jared Kushner’s role as Senior Advisor to the President.