666 may no longer be the number of the Kushner Fifth Avenue beast

[Miles Archer]

The Kushner family could lose control of its financially troubled Fifth Avenue tower after their ownership partner objected to an ambitious redevelopment plan.

The family of White House senior adviser Jared Kushner hopes to salvage the overpriced investment by turning the midtown Manhattan property into expensive condos, a hotel and five-floor shopping mall, reported Bloomberg.

But their partner, Vornado Realty Trust, has been telling brokers the renovation will be a much more modest office development, three sources told the website.

***

The real estate company owns 49.5 percent of the tower at 666 Fifth Avenue but is unlikely to invest more into the property without refinancing the debt — which could set off a chain of events that could imperil the Kushners’ ownership.

https://www.rawstory.com/2017/10/kushner-family-may-end-up-losing-control-of-troubled-fifth-avenue-tower/

[Not Ruth]

1. Not clear to me

How does Kushner lose control?

[Eugene]

3. Foreclosure. The $1.2 billion mortgage comes due in 15 months. The Kushners can't pay,

and the minority partner say's he won't oppose foreclosure if they default.

[Not Ruth]

4. Why would the minority partner opt to lose a billion dollar investment in bankruptcy?

Do not understand.

[Phoenix61]

2. Hope it's true

Grifting little shits.

[yortsed snacilbuper]

5. Jared Kushner: Top White House Adviser and NYC Rat Lord

https://www.villagevoice.com/2017/04/12/jared-kushner-top-white-house-adviser-and-nyc-rat-lord/