Linked Company Nears Deal to Bail Out Jared Kushner Property

Linked Company Nears Deal to Bail Out Jared Kushner Property

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.

White House Senior Advisor Jared Kushner arrives for U.S. first lady Melania Trump's "launch of her initiatives" and "Be Best" campaign in the Rose Garden at the White House in Washington, U.S., May 7, 2018. Jared Kushner left the family business after Trump's election and is now a key adviser to the White House.

The Times notes that, "a$3 lthough he resigned as chief executive of the company when he joined the White House in January 2017, Mr. Kushner retained most of his stake in the firm". Some assets, including 666 Fifth Avenue, were placed into a trust run by his mother.

Andrew Brent, a spokesman for Brookfield, and Christine Taylor, a spokeswoman for Kushner Cos., didn't immediately respond to requests for comment. His real estate holdings and other investments are worth as much as $761 million, according to government ethics filings.

Brookfield has extensive ties to Qatar.

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Brookfield is a Canadian-based, publicly traded company, but one of its largest shareholders is the Qatar Investment Authority, according to the Times.

The acquiring entity would be a Brookfield-managed private real estate fund, the source said.

The newspaper reported that Brookfield and the Qatar Investment Authority have collaborated on several projects and also both control an office complex in London. Recently Kushner Cos. has lost millions a year on the building due to low occupancy and high mortgage interest payments.

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.

The deal would buy out the Kushners' current partner, Vornado Realty Trust, which now owns 49.5 percent of the building's offices. Vornado, however, will continue to own the building's valuable Fifth Avenue retail space.

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