Kushner Family Set To Close ‘Unusually Favorable’ Real Estate Deal With A Chinese Group
- 7 years ago
The family of Jared Kushner, senior adviser and son-in-law to President Trump, is reportedly set to receive more than $400 million from a Chinese firm in a real estate deal.
The family of Jared Kushner, senior adviser and son-in-law to President Trump, is reportedly set to receive more than $400 million from a Chinese firm that is investing in a property owned by the Kushners.
According to Bloomberg, “The planned $4-billion transaction includes terms that some real estate experts consider unusually favorable for the Kushners. It provides them with both a sizable cash payout from Anbang Insurance Group for a property that has struggled financially and an equity stake in a new partnership.”
The property is an office tower located at 666 Fifth Avenue which the family’s business, the Kushner Companies, purchased for $1.8 billion in 2007 but had difficulty keeping afloat until another company called Vornado invested around $80 million in 2011.
The Real Deal website questions the completed building’s valuation which marketing documents have reportedly estimated to be around $7.2 billion; this is more than twice the $3.4 billion figure attached to the GM Building which has been commonly viewed as the most valuable property of its kind.
Bloomberg also speculates that the deal may face a review by the U.S. government over issues related to national security or by the Chinese due to crackdowns on international investments.
James Yolles, a spokesperson for the Kushner Companies, has since said there is no conflict of interest with Jared Kushner since he sold his stake in the building.
The representative also indicated that the deal has not yet been finalized.
The family of Jared Kushner, senior adviser and son-in-law to President Trump, is reportedly set to receive more than $400 million from a Chinese firm that is investing in a property owned by the Kushners.
According to Bloomberg, “The planned $4-billion transaction includes terms that some real estate experts consider unusually favorable for the Kushners. It provides them with both a sizable cash payout from Anbang Insurance Group for a property that has struggled financially and an equity stake in a new partnership.”
The property is an office tower located at 666 Fifth Avenue which the family’s business, the Kushner Companies, purchased for $1.8 billion in 2007 but had difficulty keeping afloat until another company called Vornado invested around $80 million in 2011.
The Real Deal website questions the completed building’s valuation which marketing documents have reportedly estimated to be around $7.2 billion; this is more than twice the $3.4 billion figure attached to the GM Building which has been commonly viewed as the most valuable property of its kind.
Bloomberg also speculates that the deal may face a review by the U.S. government over issues related to national security or by the Chinese due to crackdowns on international investments.
James Yolles, a spokesperson for the Kushner Companies, has since said there is no conflict of interest with Jared Kushner since he sold his stake in the building.
The representative also indicated that the deal has not yet been finalized.