A company linked to the Qatari government looks set to bail out White House adviser Jared Kushner's family after they have spent years struggling to sell a stake in their flagship NY property, it has been reported.
The New York Times reported Thursday that Kushner Companies, which is owned by the family of White House senior adviser Jared KushnerJared Corey KushnerTrump Tower transcripts show how one reckless meeting led to probe Judiciary transcripts offer detailed account of Trump Tower meeting Trump Jr. lawyer tried to coordinate stories on Trump Tower meeting with organizer MORE, is close to a deal with Brookfield Properties on the fate of the financially troubled building at 666 Fifth Ave.in Midtown Manhattan. The building is about 30 percent vacant and only throws off enough revenue to cover roughly half of its mortgage payment.
Kushner resigned as chief executive of Kushner Companies in 2017 to join his father-in-law President Donald Trump in Washington, but critics worry the president's son-in-law is trying to use his role in the White House to curry favor with potential investors. He shed some of the assets - including his stake in 666 Fifth Ave. - by selling them to a trust controlled by his mother. Christine Taylor, a spokeswoman for Kushner Cos., didn't immediately respond to requests for comment.
Brookfield would provide the bulk of the new capital to rework the facade and modernize the building, said one of the people, who asked not to be identified because the talks are private. His real estate holdings and other investments are worth as much as $761 million, according to government ethics filings.
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The Qatar Investment Authority, which invests on behalf of Qatar's government, is the largest owner of the the unit, Brookfield Property Partners LP, according to data compiled by Bloomberg.
Kushner will pay Vornado $120 million to settle an $80 million high-interest loan Vornado provided for the office building six years ago.
Jared Kushner and his father, current company head Charlie Kushner, had negotiated throughout 2015 and 2016 with Qatari prime minister Sheikh Hamad Bin Jassim Bin Jaber al-Thani, who agreed to invest $500 million in the property.