Kushner Cos. is negotiating to buy the portion it doesn’t already own of 666 Fifth Ave., the financially ailing Manhattan office tower that last year became a lightning rod for criticism of conflicts between a senior member of the Trump administration and his family’s business interests.
.. The building has faced financial problems for much of the last decade because of the 2008 downturn, rising vacancy and its $1.2 billion debt, which comes due next year.
.. the proposal sparked controversy after it was revealed that Kushner was close to forming a partnership with Anbang Insurance Group, a Chinese insurer with connections to the government in Beijing.
.. Jared Kushner has taken steps to insulate himself from conflicts, selling his stake in 666 Fifth and other properties to a trust controlled by other family members.
.. The building is about 30% vacant, partly because Kushner was trying to empty it to prepare for redevelopment.
.. She noted that Kushner has written down the value of its stake in the building to less than 5% of the family’s net worth.
.. the family may face difficulty moving ahead with a redevelopment of the scale of last year’s plan partly because it has opted to shut itself off from major capital sources. For example, the company already has stopped doing deals with sovereign governments or funds because of appearances, according to people familiar with the matter.
.. Kushner also is no longer going after financing for its projects through the federal program known as EB-5, which grants green cards to foreigners
.. Lenders to Kushner projects include JPMorgan Chase & Co., Citigroup Inc. and CIT Group Inc.