Ivanka plays dumb about Russia a lot to the media, telling ABC News that she knew “almost nothing” about the negotiations to open a massive Trump Tower in Russia that continued, as we now know, long into the general election campaign. But as Dan Friedman of Mother Jones has detailed, the evidence suggests otherwise. It was Ivanka who emailed Cohen in 2015 with a lead she thought could produce a meeting with Russian President Vladimir Putin to secure the deal. She also reportedly suggested an architect for the Moscow tower. The building plans included a spa named after Ivanka and a notation that “all interior design elements of the spa or fitness facilities” were to be approved by her.
Two men, sons of immigrants, rising to be the head of their own empires, powerful forces in their ethnic communities. Both dapper and mustachioed with commanding personalities. And both wielding a potent influence on the children who learned at their knees and followed them into the family businesses.
But here’s the difference: Big Tommy D’Alesandro Jr. taught little Nancy how to count. Fred Trump taught Donald, from the time he was a baby, that he didn’t have to count — or be accountable; Daddy’s money made him and buoyed him.
Fred, a dictatorial builder in Brooklyn and Queens from German stock, and Big Tommy, a charming Maryland congressman and mayor of Baltimore from Italian stock, are long gone. But their roles in shaping Donald and Nancy remain vivid, bleeding into our punishing, pressing national debate over immigration, a government shutdown and that inescapable and vexing Wall.
At this fraught moment when the pain of the shutdown is kicking in, President Trump and Speaker Pelosi offer very different visions — shaped by their parents — of what it means to be an American.
When Trump gave his Oval Office address, the framed photo of his dad was peering over his shoulder. In her House speaker’s office in the Capitol, Pelosi prominently displays a photo of herself at 7, holding the Bible as her father is sworn in as Baltimore mayor in 1947.
D’Alesandro was a loyal New Deal Democrat, just as Pelosi — the first daughter to follow her father into Congress — is a resolute liberal. She grew up in a house with portraits of F.D.R. and Truman.
Donald Trump spent most of his life as a political opportunist, learning from his dad that real estate developers must lubricate both sides of the aisle. Trump was once friendly with Pelosi, sending her a note in 2007 when she won the speaker job the first time — with a boost from his $20,000 donation to the party — calling her “the best.” (Unlike with “Cryin’ Chuck,” Trump has not gone for the jugular with a nasty nickname for Pelosi.)
In her memoir, Pelosi recalled that her Catholic parents “raised me to be holy.” She told me, “My mother and my father instilled in us, public service is a noble calling” and “never measure a person by how much money they had.”
Oct.31 — Nassim Nicholas Taleb, scientific advisor at Universa Investments, discusses the factors causing global fragility, hidden liabilities in global markets, and what he sees as safe trades in the current market. He speaks with Bloomberg’s Erik Schatzker on “Bloomberg Markets.”
High-end real estate will be the first to fall.
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.