Deal Gives Kushners Cash Infusion on 666 Fifth Avenue

The deal, in which Brookfield paid the rent for the entire 99-year term upfront, helps remove the family’s biggest financial headache: a $1.4 billion mortgage on the office portion of the tower that was due in February next year.

.. The Kushners have spent more than two years on an international search for new partners or fresh financing that stretched from the Middle East to China.

The deal would enable the Kushners to pay off at least a large portion of what they owe lenders and retain ownership of the land beneath the tower. But they may not make any money from it.

.. Charles Kushner, Jared’s father, who now runs the company, in turn, negotiated with his lenders to pay less than the company owed to satisfy the debts, the executive said.

Analysts have long said that 666 Fifth was worth less than its debts. The building was 30 percent vacant and only generated about half the annual mortgage payments. In recent months, the building’s largest remaining tenant, Millennium Management, signaled that it too planned to leave.

.. Jared and Charles Kushner sold 666 Fifth’s most valuable asset — the Fifth Avenue retail space — for $525 million and used the proceeds to pay down some of their debt. But office rents continued to fall and two of the tower’s biggest tenants left.

.. In 2016, Charles and Jared Kushner pitched a new deal to investors in the United States and abroad: They would demolish the building and erect a $7.5 billion luxury supertower in its place. They got close to a deal with a billionaire from Qatar, Hamad Jassim Al-Thani, the country’s former prime minister, and with Anbang, a giant Chinese insurance company.

.. Mr. Kushner argued that 666 Fifth was not worth the $1.4 billion that was owed.

.. At 666 Fifth Avenue, Brookfield is betting on a turnaround based on the building’s premier location on Fifth Avenue, near Rockefeller Center and Central Park, and its access to public transportation. The company plans to spend about $700 million renovating the lobby, installing new elevators, refurbishing the vacant office space and attracting new tenants.

“666 Fifth Avenue has the potential to be one of New York City’s most iconic and successful office properties,” Ric Clark, chairman of Brookfield Property Group, said

.. Brookfield is one of the world’s biggest real estate companies, and among its investors is the Qatar Investment Authority, one of the world’s largest sovereign funds

..  That has raised questions given Jared Kushner’s portfolio in the White House, which includes the Middle East.

Brookfield has said that the Qataris had no knowledge of the deal before its public announcement.

Javanka vs. the Klossy Posse

But while Will & Kate & Harry & Meghan are seen as a unit, pulling for Mother England together, Jared & Ivanka & Josh & Karlie are seen in opposition, in a public tug of war over American values.

Even as Jared Kushner and Ivanka Trump are inside the White House, helping to shape policies, Josh Kushner and Karlie Kloss are outside it, protesting against some of those policies.

It’s a perfect illustration of the riven state of the country right now, where all manner of Americans — from the Kushners to my family to the characters on “Roseanne” — are glaring at each other over an insurmountable fence.

.. Ivanka found that she could not reignite her father’s more liberal impulses, any hope that the pair could be a moderating influence vanished. Members of their old moneyed set began to dismiss Jared as “dumb” and “arrogant,” as several put it to me, and Ivanka as complicit, the label she got after Scarlett Johansson played her on “Saturday Night Live.”

.. one Vogue.com headline sniped in July, “It’s Time to Collectively and Officially Give Up on Ivanka Trump.”

.. The low point for the self-proclaimed daddy’s girl came a month ago when The Times reported that the president might be using his chief of staff, John Kelly, an adversary to Javanka, to push them out and back to New York.

.. “It’s not like they could leave and all of a sudden you have this quiet life. Look at Don Jr.” At this point, being a Trump is less a good brand than a bad state of mind.

.. His crown jewel, a health insurance company called Oscar, was structured around Obamacare — the main thing Trump has been trying to explode.

.. Josh and Karlie, both about 6-foot-2, ambitious and private, also showed up at the gun-control march last weekend. Josh posted a picture on Instagram of Karlie holding a sign that read “Load Minds, Not Guns” and donated $50,000 to the cause.

.. (Tiffany Trump, for her part, liked a post on Instagram showing a guy holding a sign that said “Next massacre will be the GOP in the midterm elections.”)

.. Like Ivanka before her, Karlie has had some rough patches in her romance because of the severe pressure she faces from Seryl and Charles Kushner, the parents of Josh and Jared, to convert to Orthodox Judaism.

.. In a story in The Forward, Margaret Abrams noted that, of course, the Kushners would not have been pleased with two such “WASP-worthy girls,” but given Charles’s controversial past, “they can’t exactly complain about the shiksas treating Yom Kippur like a juice fast.”

Christie feud with Trump’s son-in-law led to transition team shakeup: report

Reports emerged in June that Kushner had opposed choosing Christie as Trump’s running mate. Christie denied that he and Kushner were feuding at the time.
Christie prosecuted Kushner’s father, Charles Kushner, in 2004 when he served as attorney general for New Jersey. The elder Kushner pleaded guilty to “crimes of greed, power, and excess,” according to the New York Times.
Sources told Politico that Christie’s aides clashed with Kushner in recent days.
“The Christie people are from New Jersey, they act like they’re in charge, and Jared Kushner is like, ‘You’re not really in charge,’ ” the source said.