Jared and Joshua Kushner are expanding their real-estate empire by buying the hip Hotel on Rivington on the Lower East Side.
The 20-story glass high-rise — which features a number of party spaces, including a rooftop penthouse — has received a record number of noise complaints in the 7th Precinct.
The hospitality industry is a new field for Kushner Companies.
Kushner also recently bought two properties on the Jersey Shore.
Besides the record-setting, and misguided, purchase of 666 Fifth Avenue, the Kushners own the Puck Building and a portfolio of walk-up apartment buildings in the East Village.
“This was Joshua’s call,” one source said. “Jared is busy in Washington.”
Joshua, who married supermodel Karlie Kloss last month, had been less involved in real estate until older brother Jared became a presidential adviser to his father-in-law two years ago.
A Harvard grad like his brother, Joshua founded Thrive Capital, a private-equity and venture-capital firm that focuses on media and Internet investments. He also co-founded Oscar Health, a health insurance startup valued at $2.7 billion in 2016 and said to have surpassed $3 billion by now.
The Hotel on Rivington, which opened in 2005, will need to be renovated to compete with several newer hotels that have sprung up in the neighborhood, sources said.
A spokeswoman for Kushner Companies confirmed they are under contract to buy the hotel.
The hotel’s owner, Paul Stallings, a former Wall Street lawyer and father of six, was said to be traveling and couldn’t be reached for comment.
Credit: NY Post</>
via USAHint.com
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