Kushner, Anbang End Talks to Redevelop Manhattan Office Tower.

[elleng]

Source: nyt

Kushner Companies, the real estate firm formerly headed by President Donald Trump's son-in-law, said it has dropped out of talks to redevelop its flagship New York office tower with China's Anbang Insurance Group [ANBANG.UL].

The two companies, which had been in advanced talks according to media reports, both agreed to end the discussions about redeveloping a 60-year-old office tower that is steps away from St. Patrick's Cathedral and Rockefeller Center.

"Kushner Companies is no longer in discussions with Anbang about 666 Fifth Avenue's potential redevelopment, and our firms have mutually agreed to end talks regarding the property," a spokesman for Kushner said.

Plans are still ongoing with other investors to redevelop the 39-story aluminum-clad building that fronts Fifth Avenue between 52nd and 53rd Streets in Midtown Manhattan, the spokesman said. "Kushner Companies remains in active, advanced negotiations around 666 Fifth Avenue with a number of potential investors," he said.

Read more: https://www.nytimes.com/reuters/2017/03/29/business/29reuters-usa-property-kushner-anbang-group.html?src=busln

[NoMoreRepugs]

1. Could this be yet another thread in the tapestry of crime being woven by the Drumpfs??

[packman]

2. "666" Fifth Avenue?

WTF- Portal to hell? Does Pat Robinson know about this?

[elleng]

3. They ALL know about it!

[BumRushDaShow]

4. It was foretold

[wordpix]

5. more conflicts of interest from the money laundering Fake Pres family

Hopefully, FBI, Senate Intel et. al. will close the gap as these runaway traitors keep doing dirty business with Russian oligarchs and the like

[dixiegrrrrl]

6. This is wonderful news.

Kushner highly overpaid for that building and was having problems meeting the loan re-payments.

Plus, further in the above article, it reports that seriously wealthy owners of the condos and the shops in that building flatly refuse to be bought out, and there are long leases to consider.
so Kushner ( and/or his company) is struggling to find financial help for a white elephant.

edited to add:
Other threads here on DU about this story reveal that the Chinese were going to pay $4 billion, and Kushner was gonna get $400 million, plus a drastically reduced rate for his current mortgage. the building was not producing enough income, it appears.

666 indeed.

[Dawson Leery]

7. LOL!

Respectable business people will have nothing to do with this scum.