Kushner Cos. now sole owner of Monmouth Mall after 230 million deal with Vornado

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The Kushner Cos. has acquired Vornado Realty Trust’s 50 percent interest in the Monmouth Mall in Eatontown, in a $230 million deal that also involves another property.The New York-based real estate firm announced Friday that it was now the sole owner of the 1.5 million-square-foot property, 13 years after acquiring it in a 50 percent joint venture with Vornado for $164.7 million. Kushner did not disclose the other property it acquired in the deal.

“We have enjoyed a great partnership with Vornado at the Monmouth Mall for over a decade,” Jared Kushner, CEO of Kushner Cos., said in a prepared statement. “We will continue to build on the work that has been accomplished to take the mall to the next level.”

Monmouth Mall went through a significant expansion in 2009 and additional renovations in 2010 and 2012, according to a news release. The Jersey Shore-area property includes Macy’s, JCPenney, Boscov’s, Lord & Taylor and more than 150 places to shop and dine, along with a 15-screen AMC Loews Multiplex Theater.

Kushner Cos. and Vornado remain partners in the 1.5 million-square-foot office tower located at 666 5th Avenue in New York City, the news release said.

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