In 2007, real estate developer, Jared Kushner, put him and his family’s real estate company on the map with the purchase of 666 Fifth Ave. in the real estate capital of the world, Manhattan. For the mega skyscraper, that sits only sits six blocks away from Central Park, Kushner offered a staggering price of $1.8 billion.
Jared borrowed heavily to make the deal work and when the financial and real estate markets tanked the building ran into trouble. To raise cash Kushner sold off some of the building’s retail space then brought on a partner Vornando Realty Trust. However, ten years later the building is struggling to pay down it’s debt payments as revenue has steadily declined since it’s purchase.
Currently, Kushner is looking to convert the building to luxury apartments but they’re still in need of an investment that will likely come from foreign investors. Kushner’s proximity to power, having the ear of the President, may very well give them the help they need. Go here to watch the whole story.
Image courtesy of 6sqft.com