Did Jared Kushner Turn On Qatar After Skyscraper Bailout Stalled?
Jared Kushner Image by Getty Images
As recently as this spring, the Kushner family was seeking a badly-needed investment from a Qatari businessman to refinance their tower at 666 Fifth Avenue. After negotiations seemed to break down, Kushner led the behind-the-scenes fight to harden the U.S. position on Qatar, according to The Intercept.
666 Fifth Avenue, often hailed as the defining asset in Jared Kushner’s empire, was purchased in 2007 for $1.8 billion. Kushner invested $500 million in the building, and took on debt to cover the rest of the acquisition. However, the value was greatly depleted following the 2008 financial crisis, and with a $1.2 billion interest-only mortgage due in February 2019, the family began to seek outside investors to help cover the cost. They turned to Qatar.
Though Jared Kushner left negotiations to join President Trump’s White House team, Charles Kushner continued negotiations as recently as this past spring.
In June, Kushner was reportedly key in pushing his father-in-law to support the Qatari blockade, led by Saudi Arabia and the United Arab Emirates and joined by Egypt and Bahrain.
Contact Jesse Bernstein at [email protected] or on Twitter @__jbernstein
