(NEW YORK, NY) — Jared and Josh Kushner are exploring the hospitality industry. Reports have confirmed that the brothers have purchased the Hotel on Rivington on the Lower East Side.
The 20-story hotel, which opened in 2005, will undergo extensive renovations to compete with newer hotels in the neighborhood. According to the New York Post, the property was purchased from former Wall Street attorney Paul Stallings and developed in 2003 for about $32 million.
According to reports, the hotel has received a record number of noise complaints in the 7th precinct and is known for its large party spaces.
Josh Kushner has taken a keen interest in the family real estate business since his older brother became an advisor to President Trump two years ago.