Six buildings that are used as student housing will be purchased from the Brooklyn Law School by the Kushner Cos., according to The Brooklyn Daily Eagle.
The company is a real estate company headed by the son-in-law of Donald Trump, Jason Kushner. The company is based in Manhattan.
According to The Real Deal, the price to purchase the buildings comes in at $36.5 million.
“Today, Brooklyn Law School executed a contract and accepted a deposit for the sale of six of our smaller properties,” Nick Allard, Joseph Crea Dean and Professor of Law at BLS, told the Eagle in a statement.
“The Board of Trustees authorized the sale because with a smaller student body we need fewer apartments to meet the housing needs of our students.”
The buildings were originally listed on the market at $41.15 million for all six of them. The six buildings have 110 residential units and are pretty much vacant now.
“The sale of these residence halls takes place at an opportune time in the real estate market,” Allard said. “It made good practical sense to monetize these assets.”
Allard noted that students who apply by May 1 will continue to be guaranteed housing. Housing is provided to more than one-third of its students across three properties.
“The property sale is one of a number of sound, prudent steps taken by the Law School to continue to provide our students with the best educational experience possible,” Allard said.