The company controlled by the family of the White House adviser Jared Kushner is close to receiving a bailout of its troubled flagship building by a company with financial ties to the government of Qatar, according to executives briefed on the deal.
Charles Kushner, head of the Kushner Companies, is in advanced talks with Brookfield Asset Management over a partnership to take control of the 41-story aluminum-clad tower in Midtown Manhattan, 666 Fifth Avenue, according to two real estate executives who have been briefed on the pending deal but were not authorized to discuss it. Brookfield is a publicly traded company, and its real estate arm, Brookfield Property Partners, is partly owned by the Qatari government, through the Qatar Investment Authority.
Charles Kushner and his son Jared, President Trump’s son-in-law and one of his key advisers, bought the office tower, which is between 52nd and 53rd Streets, 11 years ago for a record-setting $1.8 billion. But the building today only generates about half its annual mortgage payment, and 30 percent of the 41-story tower is vacant.
The Kushner family had been searching the globe for a partner for the building, including meeting as recently as last year with a billionaire from Qatar, Hamad bin Jassim Al-Thani, the country’s former prime minister.