Jared Kushner and his family are worth an estimated $1.8 billion, roughly half of which comes from their real estate holdings.
That figure is derived from the Kushner family’s 13 million square feet of property plus 20,000 residential apartments, and also from the small fortune Jared’s younger brother Josh has built with venture-capital investments in companies like Instagram and Slack, according to Forbes. It’s also the record sum Jared paid for 666 Fifth Avenue in 2007, though he later was forced to sell equity and condos to avoid foreclosure.
A spokesperson for the family had no comment on the publication’s estimation of the Kushners’ net worth.
The family’s key real estate assets include it stakes in 666 Fifth Avenue, the former Jehovah’s Witness Watchtower headquarters in DUMBO and office buildings like the Midwest headquarters of AT&T in Chicago’s West Loop neighborhood.
Josh Kushner launched his first business out of his dorm room: a social media network that soon went belly up. But in 2009 he co-founded the venture capital firm Thrive Capital, which made early investments in companies like Compass and Amazon competitor Jet.
He has no formal role in the family real estate company, but in 2014 he teamed up with Jared to found Cadre, an online platform to invest in real estate. It raised $50 million two years later from a group of investors including Goldman Sachs, Alibaba founder Jack Ma, Russian billionaire tech investor Yuri Milner and George Soros’ private equity firm.
Jared has distanced himself from his businesses in recent months, and may take even further steps if he takes a formal job at the White House.
“If Mr. Kushner accepts a position in the government, he and the company will take the appropriate steps to comply with all applicable ethical rules and standards,” a Kushner spokesperson said. [Forbes] – Rich Bockmann