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Kushner’s ‘Times Square Dream’ real estate project is failing: report

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In 2018, Jared Kushner’s real estate empire was in serious trouble — 666 Fifth Avenue, which Kushner had purchased at the top of the market just before the financial crisis, was hemorrhaging money and unable to rent out all its space. The company averted disaster with a bailout from Brookfield Asset Management, a Canadian company with ties to the state investment fund of Qatar.

Now, according to Bloomberg News, Kushner’s company is in trouble again as yet another New York property is bleeding red ink.

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In 2015, Kushner’s company bought the first six floors of the old New York Times building on West 43rd Street. The plan was to create an indoor amusement park accessible from Times Square, drawing in tourists.

Today, tenants include a bowling alley, a Guitar Center, and a sushi restaurant, all of which were there when Kushner Co. first bought the property, as well as National Geographic Encounter and Gulliver’s Gate, which charge over $30 for admission, are struggling to turn a profit, and are paying rent unreliably.

The upshot is that Kushner’s company doesn’t have anywhere near the revenue it projected when it took out a $370 million loan to buy the property. The company pushed much of the loss onto investors while using $59 million of the loan to pay itself. Its struggles have caused Wells Fargo to place it on their watchlist, and federal prosecutors investigated the property’s finances in 2017.

Kushner has long been hailed as a genius by President Donald Trump, who put him in charge of a number of domestic and foreign policy projects. But his son-in-law’s record of advice has been terrible — indeed, Kushner originally told Trump to fire FBI Director James Comey, which resulted in special counsel Robert Mueller being appointed to investigate the president.

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Enjoy this piece?

… then let us make a small request. Like you, we here at Raw Story believe in the power of progressive journalism — and we’re investing in investigative reporting as other publications give it the ax. Raw Story readers power David Cay Johnston’s DCReport, which we've expanded to keep watch in Washington. We’ve exposed billionaire tax evasion and uncovered White House efforts to poison our water. We’ve revealed financial scams that prey on veterans, and efforts to harm workers exploited by abusive bosses. We’ve launched a weekly podcast, “We’ve Got Issues,” focused on issues, not tweets. Unlike other news sites, we’ve decided to make our original content free. But we need your support to do what we do.

Raw Story is independent. You won’t find mainstream media bias here. We’re not part of a conglomerate, or a project of venture capital bros. From unflinching coverage of racism, to revealing efforts to erode our rights, Raw Story will continue to expose hypocrisy and harm. Unhinged from corporate overlords, we fight to ensure no one is forgotten.

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‘Disconnected from reality’: NY Times editor ridicules Trump for being a ‘farce’ of a president

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New York Times editorial board member, Michelle Cottle, released a scathing op-ed highlighting the president's tendency to give oxygen to his adversaries that no one else would be paying attention to otherwise.

In a piece relating the White House to a "three-ring" circus, Cottle called the president a "farce" for his new war with Anthony Scaramucci.

As the president tweeted, no one had heard of Scaramucci until Trump hired him and former chief-of-staff John Kelly fired him after only 11 days.

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Trump goes off on Twitter rant about ‘My Stock Market’ at nearly 2 a.m. in France

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President Donald Trump has an early morning meeting Monday with Egypt's President Abdel-Fattah el-Sisi. He also has a full day of meeting with the G-7, but that wasn't his focus in the early morning hours.

"My Stock Market gains must be judged from the day after the Election (sic), November 9, 2016, where the Market went up big after the win, and because of the win. Had my opponent won, CRASH!" Trump tweeted Sunday night in the U.S., which was nearly 2 a.m. in France where the president is staying during the G-7 summit.

My Stock Market gains must be judged from the day after the Election, November 9, 2016, where the Market went up big after the win, and because of the win. Had my opponent won, CRASH!

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Robbery sends shoppers at California Westfield Topanga Mall fleeing in panic of possible mass shooting

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Americans are running scared as mass shootings erupt all over the United States. The Los Angeles police are responding to a possible shooting that hasn't been verified. Local news reports that it could have been a robbery, but it was enough to send patrons into sheltering in place at the Westfield Topanga Mall. The mall is in a northwestern suburb of Los Angeles and to the east of Thousand Oaks.

ABC7 News reported that it was an organized group of robbers who tried to do a "Smash and grab" at a Neiman Marcus store in Canoga Park.

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