Kushner sells his New York Observer building for $95M
12.31.2012 | New York Post

Kushner sells his New York Observer building for $95M

The New York Observer could move from its West Side offices over the next few years since Jared Kushner, the owner of the building and publisher of the weekly, sold the property that now houses his own paper.

The building went for $95 million.

Suddenly active investors, East End Capital and GreenOak Real Estate, completed the off-market transaction from contract to closing between Wednesday and Friday of last week, The Post has learned. The 1929-era building is located at 321 W. 44th St.

Real estate scion Kushner purchased the 228,268-square-foot building at the top of the 2007 market for $85 million. Known as the New York Observer Building, the newspaper occupies the entire sixth floor.

The Observer, which Kushner bought in 2006, has a five-year lease for its 20,000 square feet.

But Kushner, who is married to Ivanka Trump, has an option after one year to move the paper and its off-shoots, that include the Commercial Observer and the Mortgage Observer, to another of his properties, sources said.

East End was formed by former Broadway Partners’ Jonathon Yormak and David Peretz along with real estate investor Richard Ruben. GreenOak principals Sonny Kalsi, John Carrafiell and Fred Schmidt ran the investment group at Morgan Stanley.

Darcy Stacom of CBRE handled the brokerage.

No one returned calls today. Together they also own 256 W. 38th St. and 21-27 Mercer St.

Last week, Aby Rosen’s RFR joined with East End and GreenOak to buy the Young & Rubicam building at 285 Madison Ave. for $189.25 million, also marketed by Stacom.