Jared Kushner who is married to Trump's daughter Ivanka plucked down 1.8 billion bucks for the 666 Ave Building and paid the highest price ever for a single building. Now he is dealing with the consequences, with cash running low the 30 year old developer is scrambling to hold on to 666 Fifth. He has a mortgage of 1.2 billion dollars and only 10 million remains in reserves. The Kushner family is rich in assets and is expected to bail the kid out. The building has annual revenues of only 30 million dollars.
The Kushner family have quite a history. The grand father, a Holocaust survivor, emigrated to the US in 1949 and became a construction worker. His hard work and aquiring property built a dynasty. The family business was valued at over 1 billion when it was run by the second generation, jared's father, Charles Kushner. In 2006 they cashed out on 16,760 apartments selling them for 1.9 billion. New to the business, the young Kushner then 26 took the lead buying 666 Fifth Ave from land developer Tishman Speyer. The price he paid was the highest ever for a Manhattan building.
What is wrong with DT's face in this pic? Looks like Boehner.
Posted by: Pom Mom of LO | March 31, 2011 at 08:51 AM
Yeah, who else would want to be in this building at 666 Fifth Ave? Linda Blair?
Posted by: jack | March 31, 2011 at 09:20 AM
Isn't the given advice "buy LOW, sell HIGH"? Oh well, from shirtsleeves to shirtsleeves in two generations, no?
Posted by: Alex DeLarge | March 31, 2011 at 10:49 AM
Few are as charmed as The Donald...obviously his son-in-law is not.
Posted by: JoelinPDX | March 31, 2011 at 08:05 PM