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