While Jared Kushner was advising former President Trump in Washington, D.C., and later pursuing private equity opportunities in Miami, his family’s real estate business quietly flourished—rebuilding its portfolio to a value that now surpasses his father-in-law’s. During Jared’s time away, the company made smart, strategic decisions that significantly increased its worth.

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Turning Things Around

In 2018, Kushner Companies was at a tough spot. Jared Kushner had been working in the White House for a year, and the family’s real estate business was facing a lot of challenges. There were rumors of investigations involving Chinese and Qatari investors (which the firm denied), and their luxury apartment project in Jersey City was stuck in a legal fight. But the biggest problem was the $1.2 billion in debt due by early 2019 for their key Manhattan property: a 50.5% stake in 666 Fifth Avenue.

Six years later, the Kushners’ situation has completely transformed. One of the two 64-story towers at the Jersey City development was topped out this summer, and a new 30-story apartment building in Miami was finished in October. They solved the 666 Fifth Avenue debt issue by selling a 99-year lease in 2018, and they also leased out office space in the Puck Building in Manhattan to OpenAI for much higher rent.

Thanks to these moves, Kushner Companies is now valued at $2.9 billion—almost triple what it was worth when Trump became president. It’s now worth more than Trump’s real estate portfolio, which Forbes estimates at $2.2 billion.

A Family Worth Billions

The Kushner family’s total net worth is now $7.1 billion, up from $1.8 billion in 2016. Charles Kushner and his wife Seryl own 20% of Kushner Companies, while their four children—Jared, Josh, Dara, and Nicole—share the rest. Jared also owns a private equity firm, Affinity Partners, which Forbes estimates is worth at least $900 million. His brother Josh has made his own fortune as a successful venture investor, with a $3.5 billion stake in Thrive Capital.

Staying Under the Radar

While Jared and Josh Kushner have gotten plenty of attention, the family real estate business’s revival has been quieter. After Jared left to join Trump’s administration in 2017, Charles Kushner, who still advises on projects, handed over leadership to Laurent Morali, a former investment banker, and his younger daughter Nicole. Together, Morali and Nicole now lead the company as CEO and president, respectively, and have kept a low profile to avoid the intense media attention the firm got during Trump’s presidency.

Kushner Companies has changed its strategy, selling off most of its high-risk office properties in New York City and going back to its roots—apartment buildings. The company has refocused on New Jersey and expanded into other regions.

Kushner remains focused on expanding our multifamily apartment portfolio of over 27,000 units in 15 states. Today, just under half of the company’s real estate value is in apartments in the Baltimore-Washington area and the Sun Belt, with a similar amount in New Jersey. Their New York City holdings, including the Puck Building, make up less than 10% of the portfolio.

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A New Focus and a Return to Roots

Kushner Companies’ story began with Jared’s grandparents, Joseph and Rae Kushner, Holocaust survivors who came to New York in 1949 with their young daughter. They settled in Elizabeth, New Jersey, where Joseph started building apartments and eventually managed around 4,000 units. Charles joined the business in 1979 and officially established Kushner Companies in 1985, after convincing his father to start buying properties instead of just building them. Sadly, Joseph passed away soon after, leaving Charles to run the company alone.

Charles grew the business by buying apartment buildings in New York, Pennsylvania, and Florida. By 2004, Kushner Companies owned 25,000 units, making it one of New Jersey’s biggest landlords. That year, though, Charles pled guilty to various charges, including making false statements to the Federal Election Commission, and went to prison. He was released in 2006 and eventually handed the company to his eldest son, Jared.

Jared wanted to bring Kushner Companies into the spotlight, much like Donald Trump did with his move from Queens to Manhattan. Jared’s approach focused on high-profile projects, like buying 666 Fifth Avenue for $1.8 billion in 2007—the most expensive office purchase in the country at the time. But the timing was bad—the financial crisis hit soon after, and the property struggled. The company offset some losses by selling the building’s retail space and refinancing.

Moving Forward with a New Strategy

Jared’s departure in 2017 marked a new chapter for Kushner Companies. Laurent Morali became president and made big changes, like selling off struggling assets and refocusing on the company’s core strength—residential apartments. One of their biggest moves was selling a 99-year lease at 666 Fifth Avenue to Brookfield Asset Management in 2018 for $1.3 billion, which helped pay off most of the initial investment.

Morali and Nicole have continued to move the company forward, making significant acquisitions in the South, like a $1.1 billion deal for over 6,000 apartments in the Baltimore-D.C. area in 2019. The company’s focus has shifted to expanding in Sun Belt states, like North Carolina, Tennessee, and Texas—secondary markets where they can compete more easily. They also sold thousands of older properties in Maryland, and now about 45% of Kushner Companies’ portfolio is in the South.

New Jersey Roots and Expanding in the South

Despite expanding in the South, Kushner Companies hasn’t forgotten its New Jersey roots. They are developing land they’ve owned for years, turning properties like malls, hotels, and old offices into apartments. They also launched the “Livana” brand, building upscale garden-style apartment complexes across the state.

The company’s biggest New Jersey project, One Journal Square in Jersey City, is finally moving forward after years of delays. The first of two 64-story towers was finished this summer, with the second expected in 2026. The project will include retail space and over 1,700 luxury apartments, showing the company’s ongoing confidence in Jersey City’s potential.

Looking Ahead

Kushner Companies has had its ups and downs—from Jared’s high-profile purchase of 666 Fifth Avenue to their quieter, more strategic focus on apartments today. As they keep expanding in New Jersey and the Sun Belt, the Kushner family’s real estate empire looks set to keep growing—and is now worth more than Trump’s.

In 2022, at the groundbreaking of One Journal Square, Nicole Kushner reflected on her family’s journey: “My own grandparents were Holocaust survivors and arrived on these shores in 1949. They had no money, a young child, and big hopes. We have come a long way.”

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