Kushner Acquires Multiple Edgewater Sites for a 1,100 Unit Development

In two separate transactions totaling $37.64 million, a Kushner Cos. subsidiary purchased an entire block in Miami's Edgewater neighborhood.

Biscayne and 19th Street LLC in Miami, owned by Enrique Manhard, sold the 1.33-acre site located at 1900 and 1920 Biscayne Blvd.; 221, 231, 237, 261, 269, and 281 N.E. 19th St.; and 222, 230, 244, and 250 N.E. 20th St. to buyer, Laurent Morali, President of Kushner Cos.

Manhard's firm built the property with agreements totaling $18.4 million in 2017, $2.52 million in 2018, and $1.64 million in 2020, resulting in a significant profit. The only lot that is not included in the block is the Advance Auto Parts on NE 2nd Avenue.

Several office and residential buildings are located on the land. Some were constructed in the 1920s. The 1900 Biscayne Blvd. site has the same zoning as the nearby 32,775 square foot lot at 2000 Biscayne Blvd. That property was also bought by Kushner for $20.5 million from a firm run by Manhard in July 2021. Its proposals for the other property include 420 units spread across 36 stories.

Kushner executives have stated that they intend to develop around 1,100 residences in Edgewater and their hope is to capitalize on South Miami's hot market.

Kushner Cos. financed the property through MSD Partner in New York with a $20 million mortgage.

Charles Kushner, the father of Jared Kushner, former President Donald J. Trump's son-in-law, leads the corporation.