Chinese conglomerate Anbang Insurance Group is out of negotiations to redevelop the Manhattan headquarters of the Kushner family real estate empire, following concerns about its ability to provide the needed billions in capital and questions about possible foreign influence on ex-Kushner Companies head and now-White House adviser Jared Kushner.
“Kushner Companies is no longer in discussions with Anbang about 666 Fifth Ave.’s potential redevelopment, and our firms have mutually agreed to end talks regarding the property,” a spokesman for Kushner Co. told the New York Post on Wednesday. Anbang’s involvement had worried some due to its murky ownership and alleged ties to the Chinese government.
Jared Kushner has handed over his stake in the Manhattan office tower to a family trust since joining in the Trump administration, but he was heavily involved in initial talks with Anbang. He purchased the building for the family business back in 2007.
Redevelopment plans could run up to $11 billion in costs, and are said to involve adding 40 stories to the building.