Jared Kushner divested his equity interest in the building when he took his current role at the White House. CNN previously reported in February that Special Counsel Robert Mueller's investigators were looking into Kushner's efforts to shore up financing for Fifth Avenue during the presidential transition, according to people familiar with the special counsel investigation.
One line of questioning from Mueller's team involved discussions Kushner had with Chinese investors, according to the sources familiar with the inquiry. A week after Trump's election, Kushner met with the chairman and other executives of Anbang Insurance, the Chinese conglomerate that bought the Waldorf Astoria in , according to The New York Times. Kushner divests from his most expensive NYC property. At the time, Kushner and Anbang's chairman, Wu Xiaohui, were close to finishing a deal for the Chinese insurer to invest in Fifth Avenue.
Talks between the two companies collapsed a few months later, according to the Times. Mueller's team also asked about Kushner's dealings with a Qatari investor regarding the same property, according to one of the sources. Kushner and his company were negotiating for financing from a prominent Qatari investor, former prime minister Hamad bin Jassim Al Thani, according to The Intercept. But opting out of some of these cookies may have an effect on your browsing experience.
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It is mandatory to procure user consent prior to running these cookies on your website. Email Address. First Name. Last Name. Subscribe You are now subscribed. New York. Los Angeles. South Florida. No sooner had Jared signed, however, than the talk began. He had committed the twin sins of real estate: overpaying for a mediocre property at the height of the market.
Investment bankers howled. If you were a major law firm or bank, Fifth was not going to be a prestigious address for you. No matter. At least to the Kushners. And almost immediately, Jared started wheeling and dealing to try to pare the leverage.
It looked like he might get out of alive. The new equity also allowed for the bank loan to be re-structured. Instead of coming due in , the maturity date was pushed out to For a while the Vornado deal looked like a smart one—at least for Steve Roth. The building made money in , after debt payments dropped. But then Citigroup, which leased a quarter of the office space and whose logo adorned the building, said it was leaving.
Jared thought he might sell Fifth to Anbang, a big Chinese insurance company that bought the Waldorf Astoria. A year later, in , the Qatari finance minister met with Charles Kushner to discuss a potential deal.
But nothing came of that meeting, either.
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