Jared and Josh Kushner have purchased the Hotel on Rivington in New York’s hip Lower East Side
The president’s son-in-law, Jared Kushner, and his brother Joshua, are in contract to purchase a hip downtown New York City hotel.
The Kushners pending finalized purchase of the Hotel on Rivington will expand their real estate empire, which already includes other New York properties such as the famous Puck building and several walk up apartment buildings.
The ultra-modern 20 story glass high-rise has a rooftop penthouse among other party spaces.
A representative from Kushner Company told DailyMail.com: ‘Kushner Companies is under contract to purchase the Hotel on Rivington.’
They did not elaborate on the amount of the pending sale.
It houses Cafe Medi, a hip Mediterranean spot on the first level. It also holds S’Zen Lounge which is a mixology spot on the second floor.
Additionally there is yet another lounge called Upstairs on Rivington. Finally it has an expansive roof deck called Terrace Suite overlooking the Lower East Side, which likely generated the fair share of complaints.
Lower East Side residents have not been particularly happy with their hotel neighbor, lodging a record number of noise complaints stemming from soirees there with the 7th precinct, according to the New York Post.
The hospitality industry it a new venture for the Kushners, whose previous properties are more of the residential and business ilk like their misguided purchase of 666 Fifth Ave.
They also recently purchased two properties on the Jersey Shore.
‘This was Joshua’s call,’ a source told the Post. ‘Jared is busy in Washington.’
The stunning, modern glass hotel, features a pent house among other party spaces
The penthouse has a wrap around terrace, perfect for purveying the bustling scene below
Stunning views: You can look out on the streets below, or bathe with a view of the East River
The 20-story high-rise hotel looks down on older tenement style buildings in Lower East Side
Plush party spaces are strewn throughout the Hotel on Rivington, which may have contributed to the notorious noise complaints from residents. Pictured is Upstairs on Rivington
The stunning glass building has received a record number of noise complaints from local residents to the 7th Precinct (pictured, the penthouse)
The cocktail lounge, S Zen, is one of several nightlife/ party destinations in the hotel
Jared has his hands full working in Washington as his father-in-laws’ adviser. Joshua, who married supermodel Karlie Kloss (both right in October) has taken the reigns of the real-estate business
Joshua has stepped more into the role of real-estate since his brother Jared became a presidential adviser two-years-ago.
Both Joshua and Jared are Harvard graduates.
Joshua founded Thrive Capital which is a private equity and venture capital firm with a focus on media and internet investments.
Additionally, Joshua founded Oscar Health, a health insurance startup currently valued at $3billion.
For the Hotel on Rivington, which opened in 2005, to be a successful competitor in the area it will need to be renovated to compete with newer hotel properties.