Charles Kushner, Jared's father, is in "advanced talks" with Brookfield Properties to create a partnership that will take over the 41-storey tower at 666 Fifth Avenue, The New York Times reported on Thursday, citing two unidentified property agents who had knowledge of the deal but were not authorised to discuss it.
The acquiring entity would be a Brookfield-managed private real estate fund, the source said.
Kushner will pay Vornado $120 million to settle an $80 million high-interest loan Vornado provided for the office building six years ago.
According to the Times, as part of the buyout, Brookfield would take over the building on Fifth Avenue and invest hundreds of millions of dollars on renovating it. The talks are continuing and exact figures are still under discussion, the person said.
But the market crash the next year wiped out much of the value of their investment, and in recent years Kushner Companies have tried to line up a deal to get out from under $1.4 billion worth of debt on the skyscraper that is due next year. Christine Taylor, a spokeswoman for Kushner Cos., didn't immediately respond to requests for comment. The Canadian controlled property owner has executed similar developments in NY and other cities around the world, the source said.
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The deal would have included $500 million from the sheikh's investment firm, contingent on investment from others.
For example, in April 2017, Charles Kushner met with Qatari's Finance Minister, The Intercept reported in March.
NEW YORK-The company controlled by the family of 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.
If the deal is consummated, Brookfield and Kushner would update the aging property with lighter and airier offices that would command higher rents, according to one of the people familiar with the deal.
Brookfield has done deals with Kushner Cos. before, investing in a New Jersey mall redevelopment and putting up loans to buy floors of the former New York Times building.