Kushner Company Wins $400M Windfall From Chinese Insurance Giant For FIfth Avenue Building
A company owned by the family of Jared Kushner, President Trump’s son-in-law, stands to receive over $400 million from China’s Anbang Insurance Group, that is investing in a Manhattan building owned by the Kushners, Bloomberg reported.
Details of the agreement are being circulated to attract additional investors, Bloomberg reported on Monday. (http://bloom.bg/2nm6PwG)
The building, a 41-floor tower located at 666 Fifth Avenue, was purchased by Kushner Companies in 2006 for $1.8 billion, which at the time was the highest sales price for a single building in Manhattan.
The planned $4 billion transaction includes terms that some real estate experts consider unusually favorable for the Kushners, the Bloomberg report said.
“Kushner Companies is in active discussions around 666 5th Avenue, and nothing has been finalized,” spokesman James Yolles told Reuters via email.
Anbang, established in 2004 as an auto insurer, has emerged as one of China’s most aggressive buyers of overseas assets in the past two years, spending more than $30 billion buying luxury hotels, insurers and other property assets.
I hope you appreciated this article. Before you go, I’d like to ask you to please support the Forward’s award-winning journalism this Passover.
In this age of misinformation, our work is needed like never before. We report on the news that matters most to American Jews, driven by truth, not ideology.
At a time when newsrooms are closing or cutting back, the Forward has removed its paywall. That means for the first time in our 126-year history, Forward journalism is free to everyone, everywhere. With an ongoing war, rising antisemitism, and a flood of disinformation that may affect the upcoming election, we believe that free and open access to Jewish journalism is imperative.
Readers like you make it all possible. Right now, we’re in the middle of our Passover Pledge Drive and we need 500 people to step up and make a gift to sustain our trustworthy, independent journalism.
Make a gift of any size and become a Forward member today. You’ll support our mission to tell the American Jewish story fully and fairly.
— Rachel Fishman Feddersen, Publisher and CEO
Join our mission to tell the Jewish story fully and fairly.
Our Goal: 500 gifts during our Passover Pledge Drive!