Kushner's White House role 'crushed' efforts to woo investors for NYC tower

[Eugene]

Source: Washington Post

Kushner’s White House role ‘crushed’ efforts to woo investors for NYC tower

By Michael Kranish and Jonathan O'Connell September 13 at 5:21 PM

Jared Kushner and his family company seemed close to striking a deal in 2016 to transform their aging, money-losing 41-story Manhattan office tower into a new and profitable Fifth Avenue skyscraper twice as tall.

A team led by Kushner and his father, Charles, courted global investors and prospective tenants.

Then Donald Trump became president and Kushner became his father-in-law’s senior White House adviser. Problems ensued.

Kushner met in December with a Russian banker, leading to questions about whether he was mixing his role in the coming Trump administration with his business. A Chinese insurance fund and a former Qatari foreign minister backed away from a potential $900 million investment in the skyscraper. Another foreign funding stream was disrupted when Kushner Cos. came under federal scrutiny for its use of a controversial federal visas-for-investment program at another project.

Today, 666 Fifth Avenue appears to be the most troubled of the projects Kushner left behind for his family to manage. With one-fourth of its offices empty, lease revenue does not cover monthly interest payments, according to lending documents. A $1.2 billion mortgage, with escalating interest rates, comes due in 18 months. A ratings agency has classified a $115 million portion of the loan as “troubled,” and company officials decline to say whether it will be fully repaid.

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Read more: https://www.washingtonpost.com/politics/kushners-white-house-role-crushed-efforts-to-woo-investors-for-nyc-tower/2017/09/13/723a9732-82c8-11e7-ab27-1a21a8e006ab_story.html

[Eliot Rosewater]

1. If a democratic white house did anything remotely close to this

the GOP would use that machine they have that stops the earth from rotating on it's axis, they would put the planet into a complete and full STOP until every one of them were in prison.