Jared kushner’s other real estate empire.


The development of the high court townhouse in bay village, in Essex, Baltimore suburb, is not a complete withdrawal of Cape Cod, its address hint: this is a small unit to find a parking lot, it’s two bedrooms window, high overhead, the children had to stand on the chair to see them. But for kamia warren, who moved to the United States in 2004, it was a refuge from the east Baltimore neighborhood where she grew up. “I mean, rabbits and rabbits are jumping around,” she told me recently.
In the townhouse next door, there lived an older woman who had become friendly, and even once an occasional grocery store, shopping. But over the course of a few months, the woman started acting strangely. She began to chat up warren’s visitors. ‘she cried on the wall during the day. In the evening, she hit the wall, and warren put the third child in the cradle and woke him up.
Warren wrote to the complex property manager, a property holding company called sawyer. When she didn’t respond, she decided to move out. In January 2010, she submitted the necessary form for a two-month notice, and she was moving her eighth voucher — a federal low-income grant that helped her pay the rent — to other places. The complex field manager signed the form a week later to see “tenants give notice under the lease”.
So warren was surprised in January 2013, three years later, when she received a subpoena from a private process server, informing her that she had been sued by the owner of Cove Village for $3,014.08. The lawsuit, filed in the Maryland district court, is doubly confusing. It claims that she owes her money before the lease expires, although she has received a written permission to leave. The company that sued her was not sawyer, but someone she didn’t know: JK2 Westminster.
Warren, who has three children and a bachelor’s degree in health administration, initially ignored subpoenas. But Westminster’s Mr JK2 still insists; Then there are two subpoenas. In April 2014, she did not appear at a local court hearing. She told the judge to approve her move, but she did not have a copy of the form signed by the manager. The judge ruled against warren, giving Westminster JK2 the full amount it was seeking, plus court fees, legal fees and interest, bringing the sentence to nearly $5,000. Warren, a family health aide, could not afford such a sum. “I’m so desperate,” she said.
If warren is confused, it’s not unique. For the past five years, JK2 Westminster and its affiliates have owned only a few hundred companies in Maryland, and the company has about 8,000 apartments and townhouses. JK2 Westminster is not as anonymous as its opaque name. It is a subsidiary of a large property company called Kushner Companies, led by an older man whose initials are JK: Jared Kushner.
Last year, when americans were introduced to ivanka trump’s husband and the country’s future son-in-law, like a real estate empire received education at Harvard University’s successor, the dazzling ambition like Donald trump. In 2007, Kushner, then run by Jared and his father Charles, bought the aluminium alloy skyscraper at 666 fifth avenue, a record $1.8 billion. They are now seeking partners to replace the 40-story glass tower with a $12 billion plan. In 2013, they received 17 building is located in the east village of about 13 billion $, and three years later, they spent $715, 3 million clusters of rapid development in brooklyn Dumbo when region in prime locations, Jehovah’s witnesses have buildings.
But, like Mr Trump, Mr Kushner’s empire was undertaken by years of dealing with more modest and grand property. Jared’s grandfather Joseph Kushner is the holocaust survivors from belarus, all his life he built a small construction company in New Jersey, become a real estate company, owned and managed on about 4000 low-rise residential suburb of Newark. After Charles took over the company’s business, enlarging kushner company’s assets to commercial and industrial land, but the company’s bread and butter is still his father bequeathed him north jersey apartment buildings.
In the mid-1920s, the company began selling more than 25, 000 units of its own units, and eventually sold 1.9 billion yuan for $1.7 billion. The real estate transactions during peak hours, almost before the collapse of a few months time, the time the deal is impeccable, but also reflects the soon to be the transition of the three generations of the attention of the real estate dynasty. Charles, a leading democratic donor, pleaded guilty to 18 counts of tax evasion, witness tampering and illegal campaign contributions after a brief return from federal prison late last year. After returning to the company at the helm, he began to shift attention from New Jersey to New York City, and ready to give his REINS to just have a degree in law and business in New York university, the son of jared.
But in brooklyn, Manhattan and high-profile acquisitions, in 2011, and more firmly command jared kushner companies merge, looks more like the company from the humble in the past, rather than from its rolling now. That in June, the company and equity partners bought 4681 units in the real estate industry is called “B class dilemma” apartment complex: the somewhere in the middle of the unit prices to market, are often at a certain age and wear, its all in the economic difficulties. The property is located in 12 locations in Toledo, Ohio; Pittsburgh; And other rust belt cities still shrink from the great depression. Before the deal could be passed, kushner had to settle more than 200 debts. In a complex in Pittsburgh, the situation has become so dire that some residents have been left without heat or electricity because former owners could not pay their bills. The UK’s Prudential ranked first in the portfolio, selling just $72m – half the value of a real estate mortgage.
Over the next few months, kushner bought 1,700 more homes in a similar market, according to Multifamily Executive, a trade publication. Unlike the big investments in New York, these complexes are not built for value – after all, these markets are not growing, but in order to generate stable cash flows. “Our goal is to keep buying and growing – they are good markets for revenue,” Jared Kushner told Multifamily Executive in October 2011. He predicted net income of $14 million this year. The buildings, he said, supported Mr. Kushner’s portfolio in a different way, as a hedge against inflation that he believes will be imminent.
A year later, in August 2012, kushner leadership, an investment group in Baltimore bought more than 5500 sets of homes, including government-backed mortgage lenders Freddie Mac (Freddie Mac) raised $371 million. Two years later, kushner bought three more complexes in the Baltimore area for $37.9 million. Today, Kushner’s property management arm, Westminster management, controls 34 facilities in Maryland, Ohio and New Jersey, bringing the total to nearly 20,000.
Kushner’s biggest multi-family residential concentrated in Baltimore, the company has a total control on 15 buildings – if you assume that every unit has three people, so there may be more than 20000 people live in. All but two of them are in the suburbs of Baltimore county, but in the most direct sense they are just “suburbs”. They sit on a main road or highway, but it is easily missed – for example, the highland village building in the baltimore-washington beside the park avenue, but from a six-lane highway high barriers to make them more than 1000 thousands of travelers every day can’t see these units.
Most of the building dates came from the 1960s and 1970s, when the white city created a huge demand for affordable housing from the white flight of Baltimore county. Their aim is to show the respect of the middle class – a small, safe, happy, tenant – free Levittown. Since then, however, they and society, the middle class in the social and economic status had slipped to around a modern manufacturer’s vast gray zones – casino workers, distribution warehouse, Uber driver, for-profit college students. Although most of the tenants I’ve recently met in a series of interviews are rent-free, ranging from $800 to $1,300, some of the tenants are assisted by part 8, like Kamiia Warren.


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