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TexasTowelie

(112,336 posts) Sat Aug 4, 2018, 12:59 AM Aug 2018

Kushners Unload 666 Fifth Ave. to Brookfield in 99-Year Lease

The Kushner family’s real estate company has secured a crucial investment in its over-leveraged New York skyscraper, reaching a deal to lease the building’s office space for 99 years to a Canadian asset manager.

The arrangement with Brookfield Asset Management Inc. may let Kushner Cos. -- run by the family of presidential son-in-law Jared Kushner -- salvage its biggest single investment, a marquee tower in midtown Manhattan known simply by its address, 666 Fifth Ave. Terms weren’t disclosed.

The Kushner family’s years-long hunt for a partner has at times drawn intense public scrutiny, as talks opened with overseas investors, then ultimately collapsed.

Rather than pay the rent on an annual basis for the so-called leasehold, Brookfield will give Kushner Cos. an upfront sum that will allow the company to pay off outstanding debt on the building, according to people with knowledge of the matter who asked not to be identified because the details are private.

Read more: https://www.bloomberg.com/news/articles/2018-08-03/brookfield-acquires-99-year-lease-on-nyc-tower-from-kushner-cos

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Kushners Unload 666 Fifth Ave. to Brookfield in 99-Year Lease (Original Post) TexasTowelie Aug 2018 OP

This is a bribe paid by Qatar Cicada Aug 2018 #1

Yep. It was a successful shakedown of Qatar. SunSeeker Aug 2018 #4

+1000 smirkymonkey Aug 2018 #6

No question whatsoever. No one would buy into that albatross for its own sake. Squinch Aug 2018 #7

+1 uponit7771 Aug 2018 #8

Kushner's connections to Daddy Trump paying off. Bigtime. nt oasis Aug 2018 #2

Yep. dalton99a Aug 2018 #3

K & R for exposure of corruption. nt SunSeeker Aug 2018 #5

Cicada

(4,533 posts)

1. This is a bribe paid by Qatar

Reply to TexasTowelie (Original post)

Sat Aug 4, 2018, 01:38 AM

Aug 2018

About a year ago Kushner sought $500 million from Qatar to bail out this negative cash flow building facing a balloon payment. Qatar insisted Kushners put in money too. Kushner said no then went to the Middle East on behalf of the US. Soon after several nations including Saudi boycotted Qatar, causing them great financial damage. Some press reports said Kushner pushed for the boycott. Qatar got the message. They own 40% of Brookfield and Brookfield entered into negotiations with the Kushners. Now Brookfield is bailing the Kushners out. 666 is running a big negative cash flow and faces a balloon the Kushners have no hope of paying. So bingo Qatar bails them out and I bet problems with Saudi and others will be a thing of the past. This stinks to high heaven.