Jared Kushner has stepped down as CEO of Kushner Companies, which owns Schmidt’s Commons in Northern Liberties, to take a role in the Trump administration.
Ever since Donald Trump, who is Kushner’s father-in-law, became the President-elect, Kushner has served as one of the most important advisers on the transition team and now, rumor has it that Kushner might be named Senior White House Adviser to the President.
While most of Kushner’s real estate portfolio is in New York, he does own Schmidt’s Commons, formerly known as the Piazza, in Northern Liberties. The company also owns Liberties Walk across the street, a four-block stretch of retail.
Kushner bought the Piazza from developer Bart Blatstein in 2013. It went through a few years of controversy, and saw a long list of retail and restaurant tenants come and ago, including PYT and King's Oaks.
In efforts to rebrand itself and transform its tarnished image, the Piazza re-debuted as the Schmidt’s Commons in June 2016 and welcomed a WeWork into one of its buildings. Kushner’s stepping down means he will be selling some of his assets to attempt to comply with federal ethics laws.
It is not clear which specific ones he will sell.
- Jared Kushner steps down as CEO of Kushner Companies [Curbed NY]
- Introducing the Schmidt's Commons, Formerly Known As the Piazza [Curbed Philly]