Franklin, Andrews, Kramer & Edelstein

[scion]

KUSHNER COMPANIES

666 Fifth Avenue
New York, NY 10103
[phone]
Website

Kushner
Kushner Companies is a privately held real estate developer and landlord. The family-owned firm holds a portfolio of 20,000 multifamily residential units and 13 million square feet of office, industrial, and retail space. Charles Kushner founded the firm in 1985, using the assets of his father, Joseph Kushner's, construction firm as a base. In 2005, Charles' son Jared took over as principal after Charles was sentenced to two years in prison. Charles pled guilty to filing false tax returns, making illegal campaign donations and witness tampering. Under Charles, the firm's focus was primarily on New Jersey. Jared refocused it on New York City, where half the company's assets are now located.

Unlike his father, Jared (a prominent figure in father-in-law Donald Trump's 2016 presidential campaign) works with institutional partners like CIM, Invesco and Oaktree Capital. In 2007, Kushner Companies acquired 666 Fifth Avenue, a 41-story, aluminum-clad office tower, for $1.8 billion from Tishman Speyer Properties and German investment firm TMW. When office rents did not rise as the company had forecast, Kushner brought in Vornado Realty Trust as a partner to inject an undisclosed amount to refurbish the building and make it more attractive to prospective tenants. In exchange, Vornado got a 49.5 percent stake in the building, which is located across from Rockefeller Center.

https://therealdeal.com/new-research/topics/company/kushner-companies/

A regulatory crackdown in China is making it harder for Chinese nationals and companies to move their money out of the country. Chinese buyers are finding it more difficult to close on residential deals, while institutional players have backed off on bids for trophy properties. HNA Group, Fosun International and Anbang Insurance Group — all household names in New York due to their monster deals here — are among five firms that China’s banking regulator is investigating.

In March, Anbang backed out of negotiations to redevelop 666 Fifth Avenue, which Kushner Companies was bandying about at . Steve Roth, whose Vornado Realty Trust owns a partial stake in the office portion, said Kushner’s plans to convert the property into a multi-billion-dollar condo and retail tower “are not feasible.”

https://therealdeal.com/2017/12/31/real-estates-hottest-stories-of-2017/