Extell Development has sold its 50 percent stake in two completed phases of New Jersey’s Pier Village to Kushner Companies. The deal, which gives Kushner full ownership, valued the project’s rentals, retail, and hotel at $181 million, according to The Real Deal.
- The backdrop: Extell and Kushner teamed up in 2014 to buy Pier Village along with a then-vacant stretch of land for $200 million. At the time, Pier Village had 492 rentals and 90,000 square feet of retail. The duo subsequently won approval from the local City Council for a $283 million addition. Kushner developed the 67-key Wave Resort hotel and Extell built Lofts Pier Village, a 245-unit condo project across three buildings.
- Worth Noting: Extell will retain ownership of the boardwalk carousel at 160 Ocean Avenue, along with the 245-unit condo, where 25 percent of units remain unsold. Extell netted proceeds of around $25 million, after accounting for the debt, which was expected to be used to pay down debt in the Israeli bond market. [TRD]