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Kushner family company in possible Chinese deal

Kushner family company in possible Chinese deal

A NY real-estate company owned by the family of President Donald Trump's son-in-law is negotiating to sell a $400 million stake in its Fifth Avenue flagship skyscraper to a Chinese insurance company with ties to leading families of the Communist Party.

According to details of a proposed agreement viewed by Bloomberg, Anbang appears ready to step in and save the day.

It would value the 41-story tower at $2.85 billion, the most ever for a single building in wealthy Manhattan.

Asked about the deal at a news conference the White House spokesman Sean Spicer referred questions back to the Kushner Companies. Anbang may also face review by the Chinese government, which has become stringent in overseas investments. Kroll called some $1.1 billion in debt on the building a "loan of concern".

Last year, the company purchased New York's historic Waldorf Astoria hotel with plans to overhaul the iconic building and fill it with luxury condos.




The planned partnership is searching for additional investors through a federal program known as EB-5, which offers residency permits to major foreign investors. A Kushner company spokesman, James Yolles, said that Jared sold his ownership stake in 666 Fifth Ave to family members so that the transaction poses no conflict of interest with his roles in the White House.

A spokeswoman for Kushner Cos. had said previously that Jared Kushner recused himself in November, not long after Trump's election, to avoid conflicts of interest. Ltd.is investing more than $400 million in a Kushner Cos.

Anbang will be paying a high price for both sections of the project at 666 Fifth Avenue, but snatches a prime location and its first real estate investment in America for the year.

In 2015, it was reported that Jared Kushner, who was still a part of Kushner Companies at the time (he stepped down earlier this year), was in talks with Steve Roth, the head of Vornado, to restructure the building into a 1,400-foot condo and hotel with a large retail component.

His influence seems to be growing and his input could have been on many issues affecting China be it national security concerns or territorial disputes.

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