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.
The 41-story office and retail building, which spans from 52nd to 53rd streets, spans 1.4 million square feet and includes 84,855 square feet of retail space. It is 98% occupied, with the tenant roster comprised of Citigroup; Orrick, Herrington &, Fulbright & Jaworski; Hickey Freeman and Brooks Brothers, according to industry data sources.
In 2011, as part of the last debt restructuring, the building was appraised and it was valued below the purchase price, at just $820 million. Kroll, which declared the building 20% vacant last July, then valued the property at $982.1 million, Reuters reports.
“Kushner divested his equity interest in 666 Fifth Avenue, and has no role in the management or operations of the property,” a Kushner Cos. spokesperson tells Reuters.
Additionally, the spokesperson tells GlobeSt.com, “Kushner's ownership interests were sold using a third-party appraisal for fair market value to a family trust, of which he is not a beneficiary.”
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.
The 41-story office and retail building, which spans from 52nd to 53rd streets, spans 1.4 million square feet and includes 84,855 square feet of retail space. It is 98% occupied, with the tenant roster comprised of
In 2011, as part of the last debt restructuring, the building was appraised and it was valued below the purchase price, at just $820 million. Kroll, which declared the building 20% vacant last July, then valued the property at $982.1 million, Reuters reports.
“Kushner divested his equity interest in 666 Fifth Avenue, and has no role in the management or operations of the property,” a Kushner Cos. spokesperson tells Reuters.
Additionally, the spokesperson tells GlobeSt.com, “Kushner's ownership interests were sold using a third-party appraisal for fair market value to a family trust, of which he is not a beneficiary.”
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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.
