Charlie Kushner met with Qatari minister to discuss 666 Fifth investment: report

Kushner Companies denies it sought “sovereign funds” for project

TRD New York /
Mar.March 02, 2018 03:50 PM

Charles Kushner, Ali Shareef Al Emadi and the Saint Regis hotel in New York City

Charles Kushner met with Qatar’s minister of finance to make a direct pitch for an investment in the troubled office tower 666 Fifth Avenue, according to a new report.

In a statement to The Real Deal, Kushner Companies denied that the company tried to land Qatari government money. “To be clear, we did not meet with anyone from the Qatari Government to solicit sovereign funds for any of our projects,” a spokesperson said. “To suggest otherwise, is inaccurate and false.”

This is the first reported instance of Kushner Companies talking about an investment with a foreign government official since Jared Kushner joined the White House. According to The Intercept, Charles Kushner met the minister, Ali Sharif Al Emadi in a suite at the St. Regis hotel in Manhattan.

Kushner Companies has been on the hunt for investors to fund the planned conversion of 666 Fifth Avenue, a Midtown office tower, into retail and luxury condos. In early 2017, the company was reportedly close to a deal with Anbang Insurance Group, but the Chinese insurer ultimately backed out. It was also reportedly in talks with Sheikh Hamad bin Jassim bin Jaber al Thani, one of Qatar’s richest men and a former prime minister, over a potential $500 million investment in the tower. That deal also never materialized.

About a month after the reported meeting between Charles Kushner and Al Emadi, which did not lead to a deal, the U.S. supported an economic blockade by a group of Middle Eastern countries, including Saudi Arabia and the United Arab Emirates, against Qatar. According to CNN, Kushner sided with Saudi crown prince Mohammad Bin Salman in the feud, while Secretary of State Rex Tillerson defended Qatar.

Kushner Companies is currently in talks to buy out Vornado Realty Trust’s 49.5-percent stake in 666 Fifth Avenue.

On Thursday, TRD’s editorial director Hiten Samtani appeared on CNN to discuss Kushner’s yearslong struggle to refinance the office tower. [Intercept]Konrad Putzier


Related Articles

arrow_forward_ios
Hong Kong

Foreign firms are vacating Hong Kong offices like never before

Foreign firms are vacating Hong Kong offices like never before
Mayor Bill de Blasio (Getty, Wikimedia)

Landlords challenge city laws protecting non-paying businesses

Landlords challenge city laws protecting non-paying businesses
From left: G.H. Palmer's Geoffrey Palme, RFR Holdings' Aby Rosen, Macklowe Properties' Harry Macklowe, Thor Equities' Joseph Sitt and Ellicott Development's Carl Paladino (Getty, iStock)

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks
Photo illustration of Ryan Serhant and  22-43 Jackson Avenue (Getty, Trader Joe's) 

Trader Joe’s to open in LIC early next year

Trader Joe’s to open in LIC early next year
Mayor Bill de Blasio and Dr. Oxiris Barbot (Getty, iStock)

Day care — and its landlords — get a lifeline

Day care — and its landlords — get a lifeline
Shawn Mobley (left), is being replaced by Andrew McDonald (right) as CEO of the Americas at Cushman

Shakeup at Cushman: Mobley out, McDonald promoted

Shakeup at Cushman: Mobley out, McDonald promoted
(iStock)

To survive, NYC retailers are treating average Joe’s like they’re rich

To survive, NYC retailers are treating average Joe’s like they’re rich
From left: Gaw Capital Partners’ Goodwin Gaw, Howard Lorber of New Valley Group, Oyo CEO Ritesh Agarwal, Soho House's Ron Burkle, and Steven Witkoff of Witkoff Group (Getty)

TRD Insights: These hotel businesses got big PPP funding

TRD Insights: These hotel businesses got big PPP funding
arrow_forward_ios

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

Loading...