Kushner Real Estate Group (KRE Group) is a privately held real estate development and property management company headquartered in Bridgewater, New Jersey. Founded in 1979 by Murray Kushner and Eugene Schenkman, the company has established a significant presence in the real estate sector, particularly within the Northeast Corridor of the United States.
Background
KRE Group's mission is to deliver high-quality residential and commercial properties that enhance the communities they serve. The company's portfolio includes over 9,000 rental apartments and more than 6 million square feet of commercial, industrial, and retail space across New Jersey, New York, and Pennsylvania. Their developments are known for their attention to detail and commitment to integrity, aiming to provide positive social, economic, and physical impacts for all stakeholders.
Key Strategic Focus
KRE Group specializes in the development and management of multifamily residential properties and commercial spaces. Their strategic focus includes:
- Urban Redevelopment: Transforming underutilized areas into vibrant residential and commercial hubs.
- Mixed-Use Developments: Integrating residential units with retail and office spaces to create cohesive communities.
- Sustainable Building Practices: Implementing environmentally friendly designs and technologies in their projects.
The company primarily targets markets in New Jersey, New York, and Pennsylvania, with a particular emphasis on urban centers experiencing growth and revitalization.
Financials and Funding
As of recent estimates, KRE Group generates annual revenues of approximately $23.4 million, with a workforce of around 164 employees. In August 2018, the company secured $210 million in permanent financing from American International Group (AIG) for the first completed tower at Journal Squared, a mixed-use development in Jersey City. This financing underscores the company's ability to attract substantial investment for its large-scale projects.
Pipeline Development
KRE Group has several notable projects in various stages of development:
- Journal Squared: A three-phase residential development adjacent to the Journal Square Transportation Center in Jersey City. The project includes a 70-story tower, which, upon completion, will be one of the tallest buildings in Jersey City. The first tower, completed in 2017, comprises 538 apartments and 36,000 square feet of retail space.
- Lehigh Hills: A luxury rental community in Pennsylvania, developed in collaboration with The Silverman Group. This project reflects KRE Group's expansion into the Pennsylvania market and its commitment to providing high-quality residential options.
Technological Platform and Innovation
While KRE Group's primary focus is on real estate development and management, the company integrates innovative design and construction methodologies to enhance the quality and sustainability of its projects. Notable aspects include:
- Architectural Design: Collaborations with renowned architects to create aesthetically pleasing and functional spaces.
- Sustainable Practices: Incorporation of energy-efficient systems and materials to reduce environmental impact.
- Smart Building Technologies: Implementation of modern technologies to improve resident and tenant experiences.
Leadership Team
KRE Group's leadership comprises experienced professionals dedicated to the company's mission:
- Jonathan Kushner: President
- David Pantirer: Managing Director
- Michael Sommer: Executive Vice President
These leaders bring extensive experience in real estate development, investment, and management, guiding the company's strategic initiatives and operations.
Competitor Profile
In the competitive real estate development and management industry, KRE Group faces competition from several notable firms:
- Shannon Waltchack: A real estate investment and development firm specializing in commercial properties.
- Davidson Homes: A homebuilder focusing on residential communities.
- Weichert Realtors: A real estate brokerage firm offering a range of services, including property management and development.
These competitors operate in overlapping markets and offer similar services, contributing to a dynamic and competitive landscape.
Strategic Collaborations and Partnerships
KRE Group has engaged in significant partnerships to enhance its market position:
- National Real Estate Advisors: Collaborated on the Journal Squared project, securing substantial financing and contributing to the development's success.
- The Silverman Group: Partnered on multiple projects, including Lehigh Hills, demonstrating a shared commitment to quality residential developments.
These collaborations have enabled KRE Group to leverage additional expertise and resources, facilitating the successful execution of large-scale projects.
Operational Insights
KRE Group's strategic considerations include:
- Market Positioning: Focusing on high-growth urban areas to capitalize on increasing demand for residential and mixed-use developments.
- Competitive Advantages: Emphasis on quality construction, innovative design, and community engagement to differentiate from competitors.
- Risk Management: Diversifying the portfolio across residential and commercial properties to mitigate market fluctuations.
Strategic Opportunities and Future Directions
Looking ahead, KRE Group aims to:
- Expand Geographical Reach: Explore development opportunities in additional urban markets experiencing growth.
- Enhance Technological Integration: Incorporate advanced technologies to improve building efficiency and resident experiences.
- Strengthen Community Engagement: Develop projects that contribute positively to local communities, fostering long-term relationships and sustainable growth.
By leveraging its existing strengths and exploring new opportunities, KRE Group is well-positioned to continue its trajectory of success in the real estate industry.
Contact Information
- Website: www.thekregroup.com
- LinkedIn: KRE Group LinkedIn Profile
