It may not prove to be the wisest decision to launch a commercial real estate trade newspaper in the midst of one of the toughest environments for papers, trade publications and real estate.
But that’s exactly what The New York Observer‘s parent company is planning to do. Observer owner Jared Kushner told The New York Times that his new venture, The Commercial Observer, will debut September 15. The trade, which will focus on the commercial real estate market in New York City, will be delivered free to 10,000 people in the city’s real estate business and will sell subscriptions for $240 a year.
Despite the obvious challenges his newest project might face, Kushner was optimistic about the Commercial Observer‘s potential:
“I think now everyone’s interested in the real estate market, and a product that covers it closely will have great value to advertisers,” Mr. Kushner said in an interview. “Right now, there are no building sales but there are a lot of leases. There are a lot of deals that happen that donâ€™t get picked up anywhere in the media. But people in real estate care.”
Kushner is obviously interested in expanding his media empire. News of this latest launch comes just a few months after he bought a majority stake in email newsletter Very Short List. But despite Kushner’s big dreams for his company, the Observer has not been without its own troubles. In June, the paper cut a bulk of its newsroom staff. And in a recent profile in New York magazine, Kushner regretted that his pub wasn’t making money. “I didn’t expect to be walking into this at the worst time to be buying newspapers,” he said.
Recent coverage of Jared Kushner and the Observer on FishbowlNY: