Kushner Cos. hemorrhaging money at NYC’s 666 5th Avenue because of his relationship to Trump: report
Before Donald Trump became president, his son-in-law Jared Kushner planned to turn the infamously-named 666 Fifth Avenue, a large old building he owns in Manhattan, into an impeccably-designed skyscraper twice as tall.
Now, the Washington Post reports, more than a quarter of the building’s offices are empty — all thanks to his relationship to the president.
According to the Post, multiple foreign investors Kushner and his associates were courting pulled out due to fears of conflicts of interest, leaving the midtown Manhattan monstrosity — and the family business Kushner left for the White House — high and dry.
“With one-fourth of [the building’s] offices empty, lease revenue does not cover monthly interest payments, according to lending documents,” the Post report. “A $1.2 billion mortgage, with escalating interest rates, comes due in 18 months. A ratings agency has classified a $115 million portion of the loan as ‘troubled,’ and company officials decline to say whether it will be fully repaid.”
As the Post notes, occupancy at 666 Fifth Ave. has steadily declined since Kushner and his father Charles bought the building for $1.8 billion in 2007 (the year before the stock market crashed). It now is only 70 percent full, and many of its main tenants, including Citibank and the Phillips Nizer law firm, are all but vacating the property.
Read the entire report about the sordid history of Kushner Companies’ purchase, holding and financing of 666 Fifth Ave via the Post.