Friday, February 23, 2018

Just to add a little color to the Washington, DC dynamics. It is understandable why all those Chinese oligarchs are interested in coming to the USA, huh?

The USA is so much more corrupt than China is becoming, right?

You know the oligarchs, the ones that went to that closed meeting with the Kushner real estate folks. Yeah, those oligarchs.

August 31, 2017
By David Kocieniewski

Jared Kushner, (click here) Donald Trump’s son-in-law and top adviser, wakes up each morning to a growing problem that will not go away. His family’s real estate business, Kushner Cos., owes hundreds of millions of dollars on a 41-story office building on Fifth Avenue. It has failed to secure foreign investors, despite an extensive search, and its resources are more limited than generally understood. As a result, the company faces significant challenges.

Over the past two years, executives and family members have sought substantial overseas investment from previously undisclosed places: South Korea’s sovereign-wealth fund, France’s richest man, Israeli banks and insurance companies, and exploratory talks with a Saudi developer, according to former and current executives. These were in addition to previously reported attempts to raise money in China and Qatar.

The family, once one of the largest landlords on the East Coast, sold thousands of apartments to finance its purchase of the tower in 2007 and has borrowed extensively for other purchases. They are walking away from a Brooklyn hotel once considered central to their plans for an office hub. From other properties, they are extracting cash, including tens of millions in borrowed funds from the recently acquired former New York Times building. What’s more, their partner in the Fifth Avenue building, Vornado Realty Trust, headed by Steve Roth, has stood aside, allowing the Kushners to pursue financing on their own....

How much of the bank did Kushner own when they restructured his debt on 666 Fifth Avenue?

...While 666 Fifth Avenue has been a drain, Kushner Cos. has continued to make big moves across New York City, and company officials say those assets insulate the business. It has expanded its footprint by $1 billion, including the Times building and properties formerly owned by the Jehovah’s Witnesses, according to data firm Real Capital Analytics. Morali, sitting in a conference room below a painting of the company’s founders—Jared Kushner’s grandparents—says even a worst-case scenario at 666 Fifth would do minor damage to the company, because “it’s just one small piece of the portfolio.”...