NEW YORK CITY—GlobeSt.com has confirmed published reports that former CEO of Kushner Cos. Jared Kushner—who's now serving as senior White House advisor to President Donald Trump, his father-in-law—has divested his equity interest in 666 Fifth Ave., in Midtown.
The property owner said he would step down from his family-owned real estate company, and begin to divest himself of substantial assets, after he was appointed to a Cabinet position, notes Reuters. However it is not clear to whom Kushner transferred or sold the equity stake to, or how the transaction impacts the debt on the property.
Kushner bought the property for $1.8 billion in 2007, the highest price ever paid for a single office building sale in the country at the time, according to Kroll Bond Rating Agency. To buy the asset, he and his partners in the deal took a $1.2 billion senior loan, which was later packaged and sold into three CMBS deals. In 2011, the senior debt was restructured and extended to February 2019, while Kushner also brought in Vornado Realty as a partner.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
