Kushner Companies Sells Murray Hill Apartments at Steep Loss

Kushner Companies has sold an apartment building at 234-238 East 33rd Street in Murray Hill for $12 million, a price Crain’s New York Business reported is more than 50 percent below what the firm originally paid for the property.

Why it matters

A sale at that kind of discount from a well-capitalized, high-profile owner is a signal worth watching in Manhattan’s rental investment market, where financing costs and softer asset values have squeezed returns on properties bought at the top of the cycle. Crain’s did not report the buyer’s name or the exact original purchase price and date in the portion of its coverage that could be independently verified, so those details are not stated here as fact.

The numbers

Crain’s New York Business reported the $12 million sale price for the Murray Hill building and characterized the loss as more than 50 percent below Kushner Companies’ original purchase price. NYC Open Data’s ACRIS Real Property Legals dataset confirms the address corresponds to Manhattan Block 913, Lot 44, backing the parcel identified in the Crain’s report. The exact date and amount of Kushner’s original purchase, along with the identity of the buyer in this latest sale, were not confirmed in the reviewable record for this story.

What’s next

The underlying ACRIS Master record for Block 913, Lot 44 should surface the exact sale date, the buyer’s name and Kushner Companies’ original purchase price and date once a full records pull is completed. Those details remain outstanding. For more on how Manhattan ownership changes are shaping the borough’s investment landscape, see New York.