Jared Kushner’s family company is nearing a major real estate bailout with a company tired to Qatar’s government

Jared Kushner

Kushner Companies is closing in on a major deal with a company tied to the government of Qatar to save its financially imperiled Manhattan tower.
If the bailout is finalized, it will likely raise concerns about Jared Kushner’s work as the White House lead on Middle East policy.
This comes amid reports that the president’s longtime personal lawyer, Michael Cohen, solicited $1 million from the government of Qatar in 2016 for access and insight into the Trump administration.

Jared and Charles Kushner’s $1.8 billion purchase in 2007 of 666 Fifth Avenue, a 41-story tower in midtown Manhattan, has long been ridiculed in New York real estate circles as a reckless move.

Indeed, the office building has faced financial struggles for years — today it brings in only half of its annual mortgage fees and 30% of its space is empty, according to The New York Times.

But Kushner Companies — the real estate firm owned by Jared, the president’s son-in-law and top White House adviser, and his father Charles — are closing in on a game-changing bailout from a company whose second-largest shareholder is the government of Qatar, The Times reported Thursday.

The company, Brookfield Properties, has worked hand-in-hand with the Gulf country’s sovereign wealth fund, the Qatar Investment Authority, on several major US building projects, including Manhattan West, a retail and residential complex currently under construction.

Jared, who remains a stakeholder in his family business despite leaving it to work in the White House (where he leads Middle East policy), lost his top-secret security clearance in February amid concerns that he is vulnerable to foreign influence as a result of his business dealings.

If this deal is finalized, it will likely raise new concerns about Jared’s potential conflicts of interest.

The midtown tower attracted attention in late …read more

Source:: Business Insider


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