Kushner Companies finalizes deal on troubled office tower

[Eugene]

Source: Washington Post

Kushner Companies finalizes deal on troubled office tower

By Michael Kranish
August 3

A 41-story New York office tower that Jared Kushner’s former company purchased 11 years ago — and that has since been a source of much financial trouble and political controversy — will be sold to a Canadian company under a deal announced Friday.

The announcement has been expected for weeks, after Brookfield Asset Management of Canada said in May that it was negotiating the terms of such a deal.

Still, the finalization of the purchase of 666 Fifth Avenue marks a turning point in a saga that has dogged Kushner from the moment he became a senior White House adviser to his father-in-law, President Trump.

Brookfield said in a statement that “financial terms of the transaction were not disclosed,” other than that the property will be owned by one of its real estate funds. The backing for that fund comes from about 200 limited partners, whose names were not released.

-snip-

Read more: https://www.washingtonpost.com/politics/kushner-companies-finalizes-deal-on-troubled-office-tower/2018/08/03/89cb5eb0-9756-11e8-810c-5fa705927d54_story.html

[empedocles]

1. Hmmmmm

This is not the last we will hear of this property.

[FirstLight]

2. so basically,

the Canadian company is the front for the 200 "investors" who are laundering it through some other company, Russians or Saudis, the Seychelles, etc...


can we hurry up and indict these fucking leeches already?

[underpants]

3. Now he can turn his full attention to bringing peace to the Middle East

[struggle4progress]

11. "We expect him to duplicate his earlier successes with the opioid crisis and prison reform!"

[Girard442]

4. Can't get the Mark of the Beast off you that easily Jared.

Yeah, I know it's superstitious bullshit.

[CatMor]

5. They are all so crooked and shady ......

can't the US government do something regarding all these less than above board dealings. I would be scrutinized if I wanted to send 10,000. through the wires. How do they get away with all this.

[matt819]

6. Ok. Canadian company.

Anyone want to explore further? Canadian company. Canadian money?

[stuffmatters]

9. "Canadian Company" reeks of Global Petro Fascism of Kochs,Putingarchs,Tar Sands/PipeLine Filthy$

Those 200 'limited partnership" owners need to be identified pronto.

[struggle4progress]

7. "... The Kushners bought the Fifth Avenue skyscraper in 2007 for a then-record $1.8 billion.

It was supposed to have been the crown jewel of their real estate empire, and Jared Kushner, the president's son-in-law and a senior White House adviser, played a prominent role in the deal. But the property didn't bring in as much revenue as expected, making it difficult to repay loans on the building. The building carries $1.4 billion in debt, the bulk of which comes due in February 2019 ..."
Kushner Companies offloads troubled 666 Fifth Avenue flagship
by Julia Horowitz and Cristina Alesci @CNNMoney
August 3, 2018: 5:44 PM ET

[struggle4progress]

8. "... Brookfield Asset Management said .. Friday .. it had taken a 99-year lease on 666 Fifth Avenue,

the troubled Midtown tower owned by the family of Donald Trump’s son-in-law. Jared Kushner .. paid a record-setting $1.8 billion for the building in 2007, and it has been a drag on his family’s real estate company ever since. The deal, in which Brookfield paid the rent for the entire 99-year term upfront, helps remove the family’s biggest financial headache: a $1.4 billion mortgage on the office portion of the tower that was due in February next year. The Kushners have spent more than two years on an international search for new partners or fresh financing ... The deal would enable the Kushners to pay off at least a large portion of what they owe lenders and retain ownership of the land beneath the tower. But they may not make any money from it ..."

Deal Gives Kushners Cash Infusion on 666 Fifth Avenue
By Charles V. Bagli and Kate Kelly
Aug. 3, 2018

[struggle4progress]

10. "... the two sides opted for the Kushner sale of the 99-year lease, a fairly common commercial real-

estate structure in Manhattan. Terms of the deal weren’t disclosed. People who have been involved in the talks have said that the proceeds would give the family enough to pay off the more than $1.1 billion of debt on the building and buy out its partner, Vornado Realty Trust, for $120 million so it can transfer 666 Fifth to Brookfield unencumbered ..."

Kushner family escapes burden of 666 Fifth Ave. via 99-year lease agreement with Brookfield
Published: Aug 5, 2018 2:06 p.m. ET
By PETER GRANT

[Takket]

12. so let me get this straight....

he's stuck with a billion dollar behemoth in one of the worst real estate deals in history and now he's being bailed out by 200 people that someone all managed to look beyond that and throw money at this building. I can't even get 3 or 4 people to agree on where they want to EAT LUNCH on a daily basis at work, let alone go in on a deal like that!!!!!!!!!!!!!!!

Can you say:

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