TRD talks Kushners, 666 Fifth intrigue
with CNN

New York /
Apr.April 06, 2017 09:50 AM

Is Kushner Companies in trouble over its marquee office tower 666 Fifth Avenue?

The Real Deal ’s Managing Web Editor Hiten Samtani appeared on CNN Wednesday to debate the question. Last month, Anbang Insurance Group backed out of a possible deal to invest in a planned $4 billion condo and retail conversion. Meanwhile, Bloomberg reported that the tower is losing money because of its high vacancy rate and debt load. But Samtani argued that the project is far from doomed — thanks in part to Jared Kushner’s influence in the White House.

“You have someone connected to the President,” he said. “That could bring in lenders, that could bring in a foreign partner that might be interested in getting an audience with Trump.”

Sandler O’Neill analyst Alexander Goldfarb added that New York’s popularity among deep pocketed investors could also help the Kushners. “There’s a lot of money that wants into New York and that will pay prices that some people will view as ‘wow, that’s unreal’,” he said.

This much is clear: 666 Fifth Avenue is still a risky bet for Jared Kushner and the family company he officially left. “If it goes well, he’s dodged a bullet,” Samtani said. “If it doesn’t he might lose a building and it might reflect badly on the family.” [CNN]Konrad Putzier 


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
L-R: Savanna's Chris Schlank, Eastdil Secured's Will Silverman, JLL's Bob Knakal (Photos by Paul Dilakian)
Office royalty talk conversions, distress and the “downsize upgrade” trend
Office royalty talk conversions, distress and the “downsize upgrade” trend
Columbia Property Trust's Nelson Mills and 799 Broadway (Columbia Property Trust, 799 Broadway, iStock)
Columbia Property Trust signs investment firm to 71K sf at 799 Broadway
Columbia Property Trust signs investment firm to 71K sf at 799 Broadway
East End Capital's Jonathon Yormak and 141 East Houston Street (141 East Houston Street, East End Capital)
Boutique LES office scores blockchain firm as anchor tenant
Boutique LES office scores blockchain firm as anchor tenant
Vice Media CEO Nancy Dubuc and 225 Broadway (Getty Images, Google Maps, iStock)
Refinery29 subleasing at 225 Broadway for move in with Vice
Refinery29 subleasing at 225 Broadway for move in with Vice
Naftali Group's Miki Naftali, BRP Companies' Meredith Marshall (Photos by Paul Dilakian)
Miki Naftali, Meredith Marshall talk development, death of 421a
Miki Naftali, Meredith Marshall talk development, death of 421a
R-L: Willow's Kevin Danehy, Era Ventures' Clelia Warburg Peters, Fifth Wall's Brad Greiwe and The Real Deal's Hiten Samtani (Photo by Paul Dilakian)
Real estate tech is coming for your business
Real estate tech is coming for your business
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...