Investment from China in Kushner property off

Investment from China in Kushner property off

Investment from China in Kushner property off

"Kushner Companies is no longer in discussions with Anbang about 666 5th Avenue's potential redevelopment, and our firms have mutually agreed to end talks regarding the property", a Kushner Company spokesperson wrote in an emailed statement.

They also asked for additional details on his divestment from his family's company, Kushner Cos.

The lawmakers asked the White House in a March 24 letter to explain whether Kushner was involved in talks about the possible partnership with China's Anbang Insurance Group Co.

Jared Kushner, 36, is married to Mr Trump's daughter, Ivanka.

A case study of Kushner's purchase in 2006 of 666 Fifth Avenue by Columbia University's Center for Urban Real Estate said it cost $47 million to buy out former occupants Brooks Brothers and nearly $12 million to buy out Hickey Freeman.

The potential deal raised the ire of lawmakers, who were anxious about a well-connected and powerful Chinese company exerting influence over the family of one of president Trump's closest advisers. Anbang's withdrawal from negotiations has thrown the future of 660 Fifth Avenue into question, although a spokesman says that the Kushner Companies is in discussions with other investors to bring the project to life.

Earlier this week, it was revealed Mr Kushner would head the newly launched White House Office of American Innovation, an outfit the Washington Post described as "a SWAT team to fix government with business ideas". It soon became apparent that Kushner had overpaid.

However, because of concerns regarding Anbang's ties with China's Communist Party, its deals in the United States almost always attract scrutiny from the US lawmakers. The property has struggled financially. On Jan. 19 he stepped down from that role, and he has since sold his stake in the building to a family trust. It purchased the Waldorf Astoria Hotel in NY, and it owns many other assets.

Four months after the close of that sale, the State Department abandoned decades of tradition, saying that during the annual U.N. General Assembly in the fall, it would set up shop in another NY hotel other than the Waldorf-Astoria.

Talks had centered on Anbang providing as much as half of $2.5 billion in equity for the planned redevelopment of 666 Fifth Avenue in Midtown Manhattan, a media report said last week.

Jared Kushner sold his stake in the building as part of his agreement with the Office of Government Ethics, but his family would have stood to benefit from an Anbang deal.

The Kushner family owns or manages 20,000 apartments, 13 million square feet of office space and industrial properties several states, including New York, New Jersey, Maryland and IL.

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