Kushners Near Deal With Qatar-Linked Company for Troubled Tower
Source: nyt
The company controlled by the family of the White House adviser Jared Kushner is close to receiving a bailout of its financially troubled flagship building by a company with 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 Properties over a partnership to take control of the 41-story aluminum-clad tower 666 Fifth Avenue in Midtown, according to two real estate executives who have been briefed on the pending deal but are not authorized to discuss it. Brookfield is a publicly traded company, headquartered in Canada, one of whose major investors is the Qatar Investment Authority.
Mr. Kushner and his son Jared, President Trump’s son-in-law and one of his key advisers, bought the office tower, which is between 51st and 52nd 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.
In late 2016, Mr. Kushner and his son were close to a much different kind of deal with Anbang, a giant Chinese insurance company with ties to the country’s ruling elite, and with a billionaire from Qatar, Hamad bin Jassim Al-Thani. That plan involved demolishing the existing building at 666 Fifth and erecting a $7.5 billion luxury super tower.
Read more: https://www.nytimes.com/2018/05/17/nyregion/kushner-deal-qatar-666-5th.html?
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to break even here.
Anyone investing is going to lose.
If 70% generates half the money needed the other 30% isn't going to get you there.
They need 40% more building to break even. 
