(Bloomberg) — The Guy Fieris Times Square restaurant, where Jared Kushner and Ivanka Trump partied in late 2016 before heading to Washington, disappeared. The office tower of 666 Fifth Ave., formerly the headquarters of the Kushner family real estate empire, has been sold. This is how a project in the trendy Dumbo neighborhood of Brooklyn took part. New York is now very different from that of pre-Jared Kushner, who left the city to take up a senior adviser to his father-in-law, President Donald Trump. Kushner Cos., the company in which he was general manager, withdrew from the city and made investments worth nearly a decade in a few years. Instead, she has shifted her ambitions to apartment complexes in New Jersey, and Florida.It doesn`t know whether Kushner will reprise an active role in the company after four years in the White House, or whether he will even return to New York. The changes made in his absence by his father Charles Kushner and Laurent Morali, president of the company, come to the city after decades of progress, most of them when Jared Kushner was CEO. Although there have been successes, some of the biggest agreements have failed. High purchase prices, excessive borrowing and unrealistic expectations were followed by lower valuations and renegotiations. Kushner Cos. did not answer the question of whether Jared Kushner would re-enter the company or whether the strategy should be changed. But Christopher Smith, his top lawyer, reported a series of profitable deals, including investments in Lower Manhattan and the Gowanus neighborhood of Brooklyn.
Other buildings would have gained in value. During the Trump years, Kushner hunted Cos. Investors from China, Qatar and Israel when Jared Kushner helped shape foreign policy. He resigned his role in the company and transferred some of his assets to family members, but the structure of the divestitures was unclear, exacerbating ethical concerns. At the same time, the company has purchased apartment buildings in the suburbs of New Jersey, Maryland and Virginia, markets that are booming as people flee cities during the Covid 19 pandemic. He is also looking for renowned: multi-family projects in South Florida.Some of the transactions that brought the company to this point have been painful. The sale of 666 Fifth Ave. In 2018, kushner Cos was required to repay a loan taken out in 2007 at the height of the market. purchased the office tower for a record $1.8 billion at the time. Jared Kushner did not become CEO until the following year, but he participated in the negotiations and announced the purchase in a press release as “great upside potential.” The abandonment of the property – a 99-year lease for office space was sold to Brookfield Asset Management Inc.
for $1.3 billion – was a call for plans to demolish the building and replace it with an even higher skyscraper in partnership with China`s Anbang Insurance Group, an option the company weighed in during Kushner`s early months at the White House. York Times. Kushner Cos. purchased the room in 2015, and a year later, it incurred $370 million in debt based on an valuation price of $470 million, a 59% increase over what it had paid. However, it seems that the financial assumptions underlying this assessment were a mirage. Kushner Cos turned to fill the building. to tenants whose overcrowding was large, but whose assessment of the demand for experimental attractions proved to be incorrect. There was one exhibition of digital dolphins and another with detailed miniatures of world monuments. At the end of last year, Guy`s American Kitchen Bar was closed, a dining room project was never opened, a third tenant went bankrupt and a fourth did not pay the full rent.