Kushner Companies nearing bailout deal with Qatar-linked firm

18 May, 2018, 00:08 | Author: Wade Massey
  • Kushner Companies nearing bailout deal with Qatar-linked firm

But the market crash the next year wiped out much of the value of their investment, and in recent years Kushner Companies have tried to line up a deal to get out from under $1.4 billion worth of debt on the skyscraper that is due next year.

And, as the New York Times reports, the company working to bail out Kushner Companies is linked to the Qatar government.

Mr. Kushner and his son Jared, President Trump's son-in-law and one of his key advisers, bought the office tower, which is between 52nd and 53rd Streets, 11 years ago for a record-setting $1.8 billion.

In his role as senior White House Advisor, Jared Kushner was later at the forefront of the effort that has led to a blockade of Qatar, raising questions over whether Kushner was acting to punish the country over the soured deal. Kushner earlier this year lost his top-secret security clearance amid concerns that foreign governments could attempt to gain influence with the White House by doing business with the Kushner Cos. Some assets, including 666 Fifth Avenue, were placed into a trust run by his mother. Christine Taylor, a spokeswoman for Kushner Cos., didn't immediately respond to requests for comment.

The deal would have included $500 million from the sheikh's investment firm, contingent on investment from others.

Brookfield has extensive ties to Qatar.

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The transaction is likely to fall under scrutiny, however, as the Qatari Investment Authority is Brookfield's second-largest shareholder and former Kushner Companies CEO Jared Kushner is involved in Middle East policy for the White House.

The acquiring entity would be a Brookfield-managed private real estate fund, the source said. Brookfield and Qatar also control the Canary Wharf office complex in London.

If a deal is struck, Charles Kushner will buy out his old partner, Vornado Realty Trust, which owned 49.5 per cent of the office space but was not interested in renovating the tower.

The building at 666 Fifth Avenue, owned by Kushner Companies, rises above pedestrians in New York, NY, U.S., March 30, 2017.

Brookfield will take over managing the property and invest "hundreds of millions of dollars" in fixing up the tower.

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