The Kushner Companies deal with Anbang Insurance Group for the property at 666 Fifth Avenue is worth $4 billion, with real estate experts calling it an unusually favorable deal for the Kushners, the report said. Office Tower into condominiums and retail space.
The Waldorf Astoria is one of a string of trophy properties that Anbang has bought in the United States in recent years, spending billions of dollars for it and a collection of luxury properties that it acquired last year from the Blackstone Group. A Kushner family company bought the building at the height of the real estate boom in 2007, and afterwards struggled to make mortgage payments.
The deal would value the 41-story tower at $2.85 billion, the most ever for a single Manhattan building: $1.6 billion for the office section and $1.25 billion for the retail section. Anbang could face a review by the Chinese government, which has been pressing to stop overseas investments and which has a range of pending issues with the Trump administration. According to the New York Post, Roth was not on board with that plan, and the paper is now reporting that the condo tower plan is back on after Anbang's investment.
Talks for the deal became evident when Bloomberg got its hands on materials (EB-5 financing) meant to attract overseas investors to the project.
The talks for this deal had started previous year when Jared Kushner had met Wu Xiaohui, the chairman of Anbang Insurance Group.
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"Kushner Companies is in active discussions around 666 Fifth", a spokesman said Monday, "and nothing has been finalized".
The New York Times had reported in January that Anbang Chairman Wu Xiaohui and Jared Kushner were nearing agreement on a joint venture to redevelop the building. A company spokesman, James Yolles, said that Jared Kushner sold his ownership stake in 666 Fifth to family members so the transaction poses no conflict of interest with his White House role.
A spokeswoman for Kushner Cos. had said previously that Jared Kushner recused himself in November, not long after Trump's election, to avoid conflicts of interest.
Vornado did not immediately respond to a request for comment.