Real Estate Journal — New Jersey — December 12 - 18, 2014 — 3B
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M id A tlantic
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Developers to improve/complete beachfront community Kushner Companies & Extell Develop. acquire Pier Village
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ONG BRANCH, NJ — Jared Kushner , chief executive officer of Kushner Companies , and Gary Barnett , president and founder of Extell Develop- ment Company , announced that they have acquired Pier Village, the mixed-use desti- nation on the waterfront in Long Branch. 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 de- velopment in the New York metropolitan area. Its portfolio includes key properties and L
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neighborhoods in both New Jersey and New York City. Extell, one of New York City’s most active real estate com- panies, develops properties across multiple sectors includ- ing commercial, residential, retail, and hospitality. To- gether, the partners will cre- ate an exciting and compelling destination on the evolving Jersey Shore landscape. Pier Village currently con- sists of 492 rental units with more than 90,000 s/f of retail centered around Festival Pla- za, an ocean facing green space that regularly hosts commu- nity events such as outdoor fairs and concerts. Kushner and Extell also plan to be- gin 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 desti- nation 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. n
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