Kushner’s $65M Purchase of Hotel on Rivington is Tripped Up

Posted on: May 16th, 2019 at 5:06 am by

The Kushner Companies’ multimillion-dollar purchase of the Hotel on Rivington is reportedly on shaky ground. Last November, the firm entered into contract to acquire the twenty-story glass eyesore for $65 million.

Fast forward six months.

According to documents filed in New York Supreme Court Tuesday morning, uncovered by The Real Deal, Kushner Companies demands that sellers Paul and Rena Stallings return the $2.2 million deposit on Hotel on Rivington due to an alleged breach of the purchase agreement.

A company spokesperson told the real estate trade that Kushner Companies remains under contract for the property, but has not closed due to the “seller’s inability to fulfill all of his contractual obligations.”

The Hotel on Rivington has a contentious relationship with the Lower East Side; as does Jared Kushner’s real estate firm. Bringing both together has the potential to create the perfect shitstorm. To say that the establishment is a terrible neighbor would be an understatement. It arrived in 2005 – developed at a cost of $32 million – just as the area (Hell Square) began to explode in mainstream popularity. According to 311 records, the business racked up the most noise complaints of any business in the 7th Precinct (i.e. over 200).

Recent Stories

NYPD Shut Down Adidas 99-Cent Sneaker Stunt on the Bowery Yesterday After it Turned Violent

Police yesterday morning shut down an out-of-control Bowery pop-up selling a limited-edition sneaker collaboration between adidas and AriZona Iced Tea. The huge crowds were the collective answer to the question, what happens when you sell a rare sneaker for 99 cents? The collaboration yielded two limited-quantity styles – Yung 1 and Continental. Both were available […]

Watch this Brazen Tagger Desecrate Louis Vuitton Logo on Ludlow Street

It’s clear that the locals aren’t too thrilled with the invasive Louis Vuitton pop-up at Ludlow and Rivington Streets. And one brazen tagger proved it. Midday Wednesday, a youngster jumped onto the building’s garbage bin and quickly spray-painted over the company logo. The graffiti lasted for a couple hours before it was buffed away. As […]

Katz’s Adjacent Retail Condo Sells for Record $89M

The hot pastrami sandwich at Katz’s Deli costs $22.95; the ginormous commercial condo in Ben Shaoul’s luxury development next door costs $89 million. Developer Ben Shaoul reportedly sold the retail portion of the building to the AR Global affiliate New York City REIT. Stated sale price is $88.75 million, which makes it the most expensive […]

Man’s Throat Slashed in Barbershop Bloodbath on Stanton Street

A 27-year-old man was slashed inside a barbershop on Stanton Street yesterday morning. The unidentified victim was attacked at about 11:15am while inside First Choice Barbers at 156 Stanton Street. The attacker, 35-year-old Aldo Corniel, slashed the customer in the throat; a third man saved the day by bashing the assailant with a fire extinguisher. […]

Doyers Street ‘Asphalt Art’ Ahead of Chinatown Seasonal Streets Closure

The third annual “Chinatown Seasonal Streets” initiative is upon us. As part of the program, select streets are closed to traffic to create public pedestrian space. The temporary plazas are also decorated with so-called Asphalt Art. Doyers Street had been the pilot, but this year sees the inclusionof a 5,370 square-foot area of Mott Street […]