A real estate trust that has a nearly 50 percent stake in 666 Fifth Avenue, the beleaguered Manhattan tower largely owned by Jared Kushner’s family business, has a “handshake” deal to sell its stake to Kushner Cos., Bloomberg reported Friday.
Current White House senior adviser and President Donald Trump son-in-law Jared Kushner bought the skyscraper in January 2007, at the height of the real estate bubble, for a record-breaking $1.8 billion. The gamble on the the building, which has struggled to attract tenants, became a significant debt for the family.
In 2011, Vornado bought a 49.5 percent stake as part of a refinancing agreement. Vornado and Kushner Cos. have since clashed on how to renovate the building, with Kushner Cos. pushing to turn 666 Fifth Ave. into a luxury tower and Vornado pushing for it to remain an office building.
Jared Kushner’s father, Charles, now runs Kushner Cos. But with Jared holding a prominent role in the White House, his family’s search for investment in the building has raised eyebrows and many allegations of conflicts of interest.
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