Published: Thu, May 17, 2018
People | By Leon Thompson

Jared Kushner's Company Nears Deal With Qatari-Backed Firm

Jared Kushner's Company Nears Deal With Qatari-Backed Firm

According to The New York Times, Kushner's father is now reportedly talking over a new management partnership with Brookfield Properties. Kushner Cos. had talked with a member of Qatar's royal family about investing in the building, Bloomberg has previously reported.

Brookfield Property Partners is in advanced talks with Kushner Companies to partner up on 666 Fifth Avenue.

Kushner and his son Jared, President Donald Trump's son-in-law and one of his key advisers, bought the office tower, which is between 51st and 52nd streets, 11 years ago for a record-setting $1.8 billion.

TheTimes also reports extensively on the details of the deal: Kushner will settle an $80 million loan with Vornado Realty Trust, his business partner for 666 Fifth which the Timesreports " was not interested in renovating the tower". Recently Kushner Cos. has lost millions a year on the building due to low occupancy and high mortgage interest payments. Vornado would continue to own the building's lucrative retail spaces. Christine Taylor, a spokeswoman for Kushner Cos., didn't immediately respond to requests for comment.

In late 2016, Kushner and his son were close to a much different kind of deal with Anbang, a giant Chinese insurance company with ties to the country's ruling elite, and with a billionaire from Qatar, Hamad bin Jassim Al-Thani.

Jared Kushner meets with Qatar's Emir Sheikh Tamim Bin Hamad Al-Thani
Jared Kushner meets with Qatar's Emir Sheikh Tamim Bin Hamad Al Thani Evan Vucci AP

The deal would have included $500 million from the sheikh's investment firm, contingent on investment from others.

The New York Times reported Thursday that Kushner Companies, which is owned by the family of White House senior adviser Jared KushnerJared Corey KushnerTrump Tower transcripts show how one reckless meeting led to probe Judiciary transcripts offer detailed account of Trump Tower meeting Trump Jr. lawyer tried to coordinate stories on Trump Tower meeting with organizer MORE, is close to a deal with Brookfield Properties on the fate of the financially troubled building at 666 Fifth Ave.in Midtown Manhattan.

For example, in April 2017, Charles Kushner met with Qatari's Finance Minister, The Intercept reported in March. His family firm's talks with worldwide investors while he serves in government have drawn scrutiny. The update would be similar to those Brookfield has made to properties including Manhattan's old Daily News Building, the person said.

Brookfield will take over managing the property and invest "hundreds of millions of dollars" in fixing up the tower.

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