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.
A message from our Publisher & CEO Rachel Fishman Feddersen
I hope you appreciated this article. Before you go, I’d like to ask you to please support the Forward’s award-winning, nonprofit journalism during this critical time.
We’ve set a goal to raise $260,000 by December 31. That’s an ambitious goal, but one that will give us the resources we need to invest in the high quality news, opinion, analysis and cultural coverage that isn’t available anywhere else.
If you feel inspired to make an impact, now is the time to give something back. Join us as a member at your most generous level.
— Rachel Fishman Feddersen, Publisher and CEO