American real estate developer
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Bradley Mendelson is a vice chairman in Colliers International's New York Retail group. A knowledgeable and accomplished retail real estate professional, having acted on behalf of many prominent owners and high-profile tenants in the past. Recently leased approximately 125,000 square feet to Hollister, Uniqlo and Swatch at the retail condominium at 666 Fifth Avenue, which also contains a World of Zara flagship store. In addition, he previously represented ownership in the lease for Toys “R” Us' famous Times Square store, as well as Footlocker and Swatch locations, at 1530 Broadway. Sixteen years later, he leased 75,000 square feet to Gap and Old Navy in the same building. His owner clients include Amtrak, The Blackstone Group, Boston Properties, Bow-Tie Partners, The Carlyle Group, Crown Acquisitions, Cohen Brothers Realty, Hammerson Properties, J.D. Carlisle Development Corporation, Lendlease, MetLife, Metropolitan Partners, Paramount Group, Kushner Companies, The New 42nd Street, Orda Management, Reckson, Solow Management, Starwood Hotels and Resorts, Tishman Speyer Properties, The Trump Organization, and The Witkoff Group. Other prominent tenant clients include Balducci's, Bally Total Fitness, Bath and Body Works, Café Concepts/Fireman Hospitality Group, Calvin Klein, Charles Schwab, China Grill Management, Dreyfus Financial Services, Earl of Sandwich, Ecko, Kids City, The Limited Express, Planet Hollywood, Sony USA Inc., and Structure. In this episode you will take away 3 promising insights (plus many more) - How Brad feels about NYC real estate market… - Why some clients said no more to rent. - What market he is looking to diversify into! 3 of Brad's Best Quotes! “It's better to know what you don't know, then to know it all” “Retail is a product of the people who walk in front of it” “Like we did before we just have to reinvent ourselves” Watch the FULL Interview on YouTube: https://youtu.be/8MOc3hL1N64 Connect with Brad Mendelson: https://www.colliers.com/en/experts/brad-mendelson Other great podcast guest episodes: Sales Legend Victor Antonio on Selling Yourself and Building your Best Life. https://podcasts.apple.com/us/podcast/always-on-the-grow-with-manny-vargas/id1150064033?i=1000617110472 Ryan Smith on Staying Curious and Having Fun while Building Wealth https://podcasts.apple.com/us/podcast/always-on-the-grow-with-manny-vargas/id1150064033?i=1000614434237 Subscribe and Listen to the Always on the GROW with Manny Vargas Podcast on other platforms: Spotify: https://open.spotify.com/show/4r7UJnPOK226P61eGCQ1o2?si=3cfa99ca922a4373 Amazon: https://music.amazon.com/podcasts/81b57b24-ac69-4ee5-a02f-deb817096b4f/always-on-the-grow-with-manny-vargas Stitcher: https://www.stitcher.com/show/a-desire-to-inspire-with-manny-patrick Connect with Manny: https://www.linkedin.com/in/manny-vargas-86ba4449/ https://instagram.com/thisismannyvargas https://www.facebook.com/thisismannyvargas
This episode covers the essential things investors need to know about the LIBOR to SOFR rate transition with Kevin Swill, CEO of Thirty Capital Finance.The Crexi Podcast explores various aspects of the commercial real estate industry in conversation with some of the top CRE professionals in the space. In each episode, we feature different guests to tap into their wealth of CRE expertise and explore the latest trends and updates from the world of commercial real estate. In this episode, Crexi's Yannis Papadakis sits down with Kevin to cover key updates, impact, and things to know about the June 30th deadline to switch from LIBOR to SOFR loans. Their wide-ranging conversation includes:Introductions, career paths, and early lessons learned in the CRE lending marketFavorite early mistakes that transformed into opportunities, the importance of managing leverage, and lessons learned during market corrections.Current happenings in the national multifamily sector, as nested in current lending market dynamicsThe upcoming transition of LIBOR to SOFR, its history, what it means, and why it matters.How property owners can approach working out new agreements with their lenders to avoid millions in rising interest rates and how to find expert guidance.The impact of the LIBOR to SOFR transition on current debt markets, especially those with hedge products attached to loans.How these rate adjustments are impacting current market transaction velocity and the bid-ask gap between sellers and buyers.And much more!If you enjoyed this episode, please subscribe to our newsletter to receive the very next one delivered straight to your inbox. For show notes, past guests, and more CRE content, please check out Crexi Insights.Ready to find your next CRE property? Visit Crexi and immediately browse hundreds of thousands of available commercial properties.Follow Crexi:https://www.crexi.com/ https://www.crexi.com/instagram https://www.crexi.com/facebook https://www.crexi.com/twitter https://www.crexi.com/linkedin https://www.youtube.com/crexi About Kevin Swill:Kevin Swill is the CEO of Thirty Capital Financial, a CRE debt advisory firm and pioneer in the Defeasance space. Swill is an accomplished executive with experience in acquisitions, dispositions, financing, capital raising, asset and property management, and strategic planning. Swill has an extensive track record in improving return of invested capital for clients. Swill entered the investment banking field in 1987 in debt restructuring at Citigroup and was instrumental in the first wave of CMBS originations in 1994 at Merrill Lynch. In 2001, Swill took the role of President at The Kushner Companies, a large diversified real estate company, heading up the finance, commercial, and hospitality divisions. Thereafter, Swill held other executive roles in real estate finance and operations before joining Thirty Capital Financial in 2020.
This story was co-published with ProPublica. Sign up for email updates from Trump, Inc. to get the latest on our investigations. After the news broke in May of last year that government-sponsored lending agency Freddie Mac had agreed to back $786 million in loans to the Kushner Companies, political opponents asked whether the family real estate firm formerly led by the president’s son-in-law and top adviser, Jared Kushner, had received special treatment. “We are especially concerned about this transaction because of Kushner Companies’ history of seeking to engage in deals that raise conflicts of interest issues with Mr. Kushner,” Sens. Elizabeth Warren (D-Massachusetts) and Tom Carper (D-Delaware) wrote to Freddie Mac’s CEO in June 2019. The loans helped Kushner Companies scoop up thousands of apartments in Maryland and Virginia, the business’s biggest purchase in a decade. The deal, first reported by Bloomberg, also ranked among Freddie’s largest ever. At the time, the details of its terms weren’t disclosed. Freddie Mac officials didn’t comment publicly then. Kushner’s lawyer said Jared was no longer involved in decision-making at the company. (He does continue to receive millions from the family business, according to his financial disclosures, including from some properties with Freddie Mac-backed loans.) Freddie Mac packaged the 16 loans into bonds and sold them to investors in August 2019. But Kushner Companies hadn’t finished its buying spree. Within the next two months, records show, Freddie Mac backed another two loans to the Kushners for an additional $63.5 million, allowing the company to add two more apartment complexes to its portfolio. A new analysis by ProPublica shows Kushner Companies received unusually favorable loan terms for the 18 mortgages it obtained with Freddie Mac’s backing. The loans allowed the Kushner family company to make lower monthly payments and borrow more money than was typical for similar loans, 2019 Freddie Mac data shows. The terms increase the risk to the agency and to investors who buy bonds with the Kushner mortgages in them. Moreover, Freddie Mac’s estimates of the Kushner properties’ profitability — a core element of any decision to back a loan — have already proven to be overly optimistic. All 16 properties in the firm’s biggest loan package delivered smaller profits in 2019 than Freddie Mac expected, despite the then-booming economy. The loan for the largest property lagged Freddie Mac’s profit prediction by 31% last year. U.S. taxpayers could be responsible for paying back much of the nearly $850 million in Freddie Mac financing if Kushner Companies defaults and its properties drop significantly in value. During the last real estate crash, taxpayers had to bail out Freddie Mac and its larger sibling, Fannie Mae, to the tune of $190 billion as the agencies plunged into the government equivalent of bankruptcy. (The agencies ultimately repaid the money and more.) The involvement of Jared’s sister Nicole Kushner Meyer adds to questions about whether the family sought to exploit its political influence. Meyer, who shares her brother’s slight build, porcelain features and dark chestnut hair, lobbied Freddie Mac in person on behalf of Kushner Companies in February last year, a timeline of the deal obtained by ProPublica shows. She has previously drawn criticism for invoking her brother’s name while doing Kushner Companies’ business before. In a statement Freddie Mac said it does “not consider the political affiliations of borrowers or their family members.” It called ProPublica’s analysis “random, arbitrary and incomplete” and asserted that the Kushner loans “fit squarely within our publicly-available credit and underwriting standards. The terms and performance of every one of these loans is transparent and available on our website, and all the loans are current and have been consistently paid.” A spokesperson for Kushner Companies did not respond to calls and emails seeking comment. There’s no evidence the Trump administration played a role in any of the decisions and Freddie Mac operates independently. But Freddie Mac embarked on approving the loans at the moment that its government overseer, the Federal Housing Finance Agency (FHFA), was changing from leadership by an Obama administration appointee to one from the Trump administration, Mark Calabria, vice-president Mike Pence’s former chief economist. Calabria, who was confirmed in April 2019, has called for an end to the “conservatorship,” the close financial control that his agency has exerted over Freddie Mac and Fannie Mae since the 2008 crisis. The potential for improper influence exists even if the Trump administration didn’t advocate for the Kushners, said Kathleen Clark, a law professor at Washington University specializing in government and legal ethics. She compared the situation to press reports that businesses and associates connected to Jared Kushner and his family were approved to receive millions from the Paycheck Protection Program. Officials could have acted because they were seeking to curry favor with the Kushners or feared retribution if they didn’t, according to Clark. And if Kushner Companies had wanted to avoid any appearance of undue influence, she added, it should have sent only non-family executives to meet with Freddie Mac. “I’d leave it to the professionals,” Clark said. “I’d keep family members away from it.” The Freddie Mac data shows that Kushner Companies secured advantageous terms on multiple points. All 18 loans, for example, allow Kushner Companies to pay only interest for the full 10-year term, thus deferring all principal payments to a balloon payment at the end. That lowers the monthly payments, but increases the possibility that the balance won’t be paid back in full. “That’s as risky as you get,” said Ryan Ledwith, a professor at New York University’s Schack Institute of Real Estate, of 10-year interest-only loans. “It’s a long period of time and you’re not getting any amortization to reduce your risk over time. You’re betting the market is going to get better all by itself 10 years from now.” Interest-only mortgages, which notoriously helped fuel the 2008 economic crisis, represent a small percentage of Freddie Mac loans. Only 6% of the 3,600 loans funded by the agency last year were interest-only for a decade or more, according to a database of its core mortgage transactions. Kushner Companies also loaded more debt on the properties than is usual for similar loans, with the loan value for the 16-loan deal climbing to 69% of the properties’ worth. That compares with an average 59%, according to data for loans with similar terms and property types that Freddie Mac sold to investors in 2019, and is just below the 70% debt-to-value ceiling Freddie Mac sets for loans in its category. “What we generally have seen from Freddie and Fannie,” said Andrew Little, a principal with real estate investment bank John B. Levy & Company, “is they will do 10 years of interest-only on lower-leveraged deals.” Loans right at the ceiling are “not very common,” Little said, adding that “you don’t see deals this size that commonly.” Meanwhile Freddie Mac and its lending partner overestimated the profits for the buildings in the Kushners’ 16-loan package by 12 % during the underwriting process, according to the agency’s data. Such analysis is supposed to provide a conservative, accurate picture of revenue and expenses, which should be relatively predictable in the case of an apartment building. But the level of income anticipated failed to materialize in 2019, financial reports show. The most dramatic overstatement came with the largest loan in the deal, $120 million for Bonnie Ridge Apartments, a 960-apartment complex in Baltimore. In that case, realized profits last year were 31% below what Freddie Mac had expected. “That’s definitely a significant amount,” said John Griffin, a University of Texas professor who specializes in forensic finance and has studied mortgage underwriting. He co-authored a recent paper highlighting as worrisome loans in which projected profits exceeded actual profits by 5%. “It’s a problem when underwritten income is inflated or overstated,” he said. “That is a key metric that determines the safety of the loan.” Griffin’s paper found that 28% of all loans examined had projected profits that were 5% or more greater than what the properties actually earned in their first year. Some instances of underperformance could be caused by bad luck, the paper acknowledged, but “such situations should be relatively rare.” Yet in the case of Freddie Mac’s estimates in the Kushner deal, 13 of the original 16 loans met or exceeded the 5% threshold — many by a considerable amount. Read Heather Vogell's full print story at ProPublica. Related episodes:• He Went To Jared• Dirt• Trump and Deutsche Bank: It’s Complicated The Freddie Mac headquarters building in McLean, Va., Saturday, April 21, 2018. (Pablo Martinez Monsivais/Associated Press)
REDinNYC Online Event: The Interview Series With CFO Jennifer McLean of kushner Companies.Lets say hello to REDinNYC Sponsors. Gold Sponsor Carlo Seneca from C&A Seneca ConstructionGold Sponsor Vince Soriero from Propery Shark Silver Sponsor Laura Rivera from Champion Elevator Silver Sponsor Benny Redza from Skyline Scaffolding Other sponsors Amit Persaud from View Yahya Mushtaq from Ecosafety Michael Zysman from City Bay Capital Tarek Zhouri from Hydrotech Environmental Shoka Mamedov from Remax 100John Delafuente from Realestate PrintsAbout today's Guest Kushner's Companies Jennifer McLean Kushner Companies is a diversified real estate organization headquartered in New York City. The company is responsible for the ownership, management, development and redevelopment of a vast portfolio. Their national reach consists of more than 20,000 multi-family apartments, as well as 13 million square feet of office, industrial and retail space throughout New York, New Jersey, Pennsylvania, Maryland, Ohio and Illinois. The Chief Financial Officer is responsible for overseeing all accounting, HR and IT functions for the Company and all affiliates.Some points Jennifer touched on.*CFO'S Duties*How has Covid-19 Impacted The Real Estate Industry*Changes the IT department is going through*The current situation within HR*And much more................Important Linkshttps://kushner.com/JMclean@kushner.comhttps://www.redinnyc.com/https://www.redinnyc.com/contact-usYou can find me athttps://peer2peerrealestate.com/www.facebook.com/peer2peerrealestatehttps://www.linkedin.com/in/williemor...Youtube Channel Thank you Jennifer McLean for being on the show today. Thanks to Selman Yalcin for putting this and future events together, Don't forget to check redinnyc.com for future events.Thank you for watching.Please be safe. See acast.com/privacy for privacy and opt-out information.
Today I’m talking to Nikki Field, with Sotheby’s International Realty since 1998. She has over $3 billion in sales and annually ranked as the #1 Sales Team at Sotheby’s International Realty. Nikki is consistently ranked by The Wall Street Journal/Real Trends annual report as one of America’s Top 250 Real Estate Professionals and consistently one of the Top 20 real estate professionals in New York City. She has broken sales record after sales record.Just to name a few, in 2018, she sold the most expensive re-sale in NYC, at $54M, for which she represented both Seller and Buyer. In 2019, She delivered yet another record sale at $80m which was the highest transfer in the history of Downtown Manhattan. Her Additional record sales include multiple 50 million dollar plus units on Billionaire’s Row and numerous record Townhouse sales on the Upper East Side. Nikki also excels in New Development representation including: closing out 995 Fifth Avenue (The Stanhope) for Extell Development, Director of Sales for Kushner Companies at The Puck Building- a $175M+ sell-out and 40 East 72nd an $80M sell-out. Nikki was Lead Sales Director for the $400M+ sell-out of 212 Fifth Avenue, which included the all-time, record-setting downtown sale of the $80M Penthouse. And there’s more.. Outside of New York, her numerous worldwide referral sales include a Lake Tahoe residence for $48M and the Residences at Canyon Ranch in Lenox, Mass. Nikki travels extensively to emerging markets in Asia. Since 2008 she has been doing this, building on the growing global business of Sotheby’s International Realty, Nikki has established her self as a real estate agent who is a financial portfolio advisor for international investors in securing and managing prime, global residential real estate.She is a regular featured industry speaker, frequently interviewed by national and international news outlets as an authority on the luxury residential market. To name a couple, Nikki was showcased in the PBS installment of “Super Skyscrapers” in which One57, “The Billionaire Building”, was featured as America’s most luxurious residential building and highlighted her noted sales record of multiple $50M single unit sales. She was also prominently featured in the acclaimed BBC Television documentary “Super Homes” with all of this success, it seems her list of how to reach her level of success would be long and complex. She says it really just comes down to 2 essential steps. Today, In our interview, she shares what they are.A little background of Nikki's real estate business (04:24)How did she build a business of doing every 3 billion a year (07:05)A little bit about building a specialized team (11:55)How did she build her team (24:27)What is her biggest strength as a team (29:17)The final three questions (32:51)Resources / People Mentioned:The Field TeamSotheby's International RealtyBooks Mentioned:Ninja Selling: Subtle Skills. Big Results. by Larry KendallQuotes/Takeaways:"Look around you find out how the market will be changing before the change. Get out of the gate first, be the agent of change. So you can be ahead of the crowd."All of this on the “Jere Metcalf Podcast, Top Real Estate Agents tell how they do it.”www.JereMetcalfPodcast.comPowered by Jere Metcalf Partners 404.627.7789jere@jeremetcalfpartners.comJeremetcalfpartners.com
Tina and Hillary cover real estate mogul and political donor Charles Kushner, and his son, senior advisor to Donald Trump, Jared Kushner. For show notes and links to our sources, please click here (https://themuckpodcast.fireside.fm/articles/ep20notes).
Nikki Field "Number One Team in the Country" on Global Luxury Real Estate Mastermind with Michael Valdes Podcast #104Nikki Field runs the #1 team in the country for Sotheby's International Realty and is ranked among the top in the world. Her vision is truly global having creating international "desks" with several of her 19 members. That particular person is focused on driving business from that particular country. At a time when most teams fail, this formula has proven to be successful model. Nikki shares her humble beginnings in the industry and the trajectoryshe followed to become one of the legends in our business. This is an episode you will listen to time and again for advice.More About Nikki FieldGo here: https://nikkifield.com/about/Nikki Field has been a dynamic presence with Sotheby’s International Realty since 1998. Ms. Field pioneered the team sales model in Manhattan by founding the eponymous “The Field Team”, transacting over $3 billion in sales and annually ranking as the #1 Sales Team at Sotheby’s International Realty. Ms. Field has been consistently ranked by The Wall Street Journal/Real Trends annual report as one of America’s Top 250 Real Estate Professionals and consistently one of the Top 20 in New York City. In 2018, Ms. Field sold the most expensive ($54M) re-sale in NYC and she represented both Seller and Buyer.Ms. Field and her team specialize in Manhattan’s luxury co-op, condo, townhouse and new development markets, where she has set numerous industry-wide record-shattering prices. Additional record sales include multiple $50M+ units on Billionaire’s Row and numerous record Townhouse sales on the Upper East Side. Ms. Field excels in New Development representation including: closing out 995 Fifth Avenue (The Stanhope) for Extell Development, Director of Sales for Kushner Companies at The Puck Building- a $175M+ sell-out and 40 East 72nd a $80M sell-out. She currently is Lead Sales Director for 212 Fifth Avenue, with a $400M+ sell-out. Outside of New York, her numerous worldwide referral sales include a Lake Tahoe residence for $48M and the Residences at Canyon Ranch in Lenox, Mass. Ms. Field excels as a financial portfolio advisor for international investors in securing and managing prime, global residential real estate.Since 2008, Ms. Field has been traveling extensively to emerging markets in Asia, building on the growing global business of Sotheby’s International Realty. In 2017, Ms. Field co-authored “The Chinese Definitive Guide to USA Real Estate”, which is published in Chinese and available on Amazon.com. Within Sotheby’s International Realty and its 930 brokerages in 70 countries, Nikki is recognized as one its top performing agents. She is an original member of Sotheby’s International Realty’s Market Leaders, an elite network of Top Producing agents who collaborate to match ultra-high net worth buyers and sellers worldwide. Ms. Field is a board member of NYRAC. Ms. Field is a regular featured industry speaker and frequently is interviewed by national and international news outlets as an authority on the luxury residential market. She was showcased in the PBS installment of “Super Skyscrapers” in which One57, “The Billionaire Building”, was featured as America’s most luxurious residential building and highlighted Ms. Field’s noted sales record of multiple $50M single unit sales. More About Michael ValdesMichael Valdes is the Senior Vice President of Global Servicing for Realogy Corporation. In that role he oversees the international servicing platform for all Realogy brands including Century 21, Coldwell Banker, ERA, Better Homes & Garden, Corcoran, Climb and Sotheby’s International Realty in 113 countries. He has been with Realogy in a variety of roles for the past 14 years. Prior to joining the firm, Mr. Valdes was Director of Private Banking at Deutsche Bank for just under a decade where he oversaw a book of business of just under $1 billion. He has the distinction of being the first Director in the United States of Latino descent.Mr. Valdes is the Chair of the AREAA Global Advisory Board and co-host of the 2020 AREAA Global Luxury Summit. He is also a current member of the NAHREP Corporate Board of Governors. Additonally, he is a member of the Realogy Diversity Board as well as the Executive Chair of the ONE VOZ, Hispanic ERG for the firm. He is a former Board Member of Mount Sinai Hospital in Miami Beach as well as the Shanti Organization in San Francisco. Michael was also a Board Member of Pink & Blue for 2, an organization started by Olivia Newton-John to promote breast and prostate cancer awareness. He currently resides in New York City and has a home in Miami.
Richard Lark, Chief Financial Officer of Gol Linhas Aereas, talks about the airline business in Brazil. Andrea Olshan, Chief Executive Officer of Olshan Properties, Jennifer McLean, Chief Financial Officer of Kushner Companies and Richard Ruben, Chief Executive Officer of Ruben Companies, talk about the real estate industry from the Berdon 2019 Real Estate Industry Executive Forum.
While President Trump is overseas, a new and exclusive interview granted by his senior adviser and son in law Jared Kushner is making political waves back at home. Axios' national political reporter Jonathan Swan sat down with Kushner, the two discussing the fallout from that 2016 Trump Tower meeting: "We're in a place now where people are playing Monday morning quarterback," questions surrounding the Kushner Companies' business dealings" "At this point I have been fully vetted," and whether or not Kushner discussed his own White House security clearance with his father in law: "I have not discussed it." When asked by "The Investigation" if Swan thinks Kushner faces any vulnerability with the president: "He's not invulnerable and there have been times…where the president has been irritated with [Kushner], mostly when...he attracts negative news coverage," said Swan, "but I mean, he's family." Follow Kyra on Twitter @kyraphillips Follow Chris on Twitter @vlasto Follow Matt on Twitter @mattmosk Follow John on Twitter @santucci Support this podcast with a review on Apple Podcasts: http://bit.ly/2UJIsJs Recommended listening... -- Start Here: The daily 20-minute news podcast from ABC News. http://bit.ly/2SA62eg -- Powerhouse Politics: Headliner interviews and in-depth looks at the people and events shaping U.S. politics. http://bit.ly/2SsGwr7 -- FiveThirtyEight Politics: Nate Silver and the FiveThirtyEight team cover the latest in politics, tracking the issues and "game-changers" every week. https://53eig.ht/2RF3eb1 ==================== The Investigation is produced by ABC Radio.
In episode 90 the girls from for the Kushner family. They spend the time together breaking down how Jared Kushner was able to get Qatar to pay off 666 Fifth Avenue for his families real estate company. How you ask? Well a lot of shady stuff happened SO LISTEN TO FIND OUT MORE!! WE'RE COMING FOR YA KUSHNERS!! FOOTNOTES: 1. THE KUSHNERS ARE FINALLY GETTING THAT SWEET, SWEET QATARI CASH 2. Kushners Near Deal With Qatar-Linked Company for Troubled Tower 3. Kushners ‘Negotiating Now,’ Over Sale of Flagship Building 4. At Kushners’ Flagship Building, Mounting Debt and a Foundered Deal 5. QATAR SHOCKED, SHOCKED TO LEARN IT ACCIDENTALLY BAILED OUT JARED KUSHNER 6. SAUDI ARABIA PLANNED TO INVADE QATAR LAST SUMMER. REX TILLERSON’S EFFORTS TO STOP IT MAY HAVE COST HIM HIS JOB. 7. Kushner Companies confirms meeting with Qatar on financing 8. Rex Tillerson stopped Saudi and UAE from 'attacking' Qatar 9. SAUDI AND EMIRATI PRINCES FEUD OVER WHO HAS MORE CONTROL OF JARED KUSHNER 10. Kushner’s Financial Ties to Israel Deepen Even With Mideast Diplomatic Role 11. Ethnically Ambiguous Merch on Tee Public Learn more about your ad-choices at https://news.iheart.com/podcast-advertisers
We’ve seen headline after head-spinning headline about Jared Kushner, son-in-law of President Donald Trump. We’ve heard that his company has been on a global search for cash, that it got giant loans from two big financial institutions after Kushner met with officials from those companies at the White House, and that countries believed they could manipulate Kushner through his “complex” business arrangements. Like his father-in-law, Kushner has not fully divested from his family’s business, Kushner Companies. His disclosure forms show he owns at least $761 million in assets. Meanwhile, the company owes hundreds of millions of dollars in debt that comes due in less than a year. All of this while Kushner Companies has worked very hard to keep some of its partners a secret. It gets back to a familiar question: How can we know whether Kushner is operating in the interests of the country or his company? A spokeswoman for the Kushner Companies said in an email that it “is financially very strong” and that “Jared Kushner is not in any way involved in the management of the business.” Peter Mirijanian, spokesman for Jared Kushner’s attorney, said in a statement Kushner’s meetings are “to hear ideas about improving the American economy” and that he “has followed the ethics advice he has received for all of his work which include the separation from his business and recusals when appropriate.” Joining us on this episode are David Kocieniewski and Caleb Melby of Bloomberg, who’ve broken a series of stories about the Kushner Companies' financial stress. They take WNYC and ProPublica on a tour of some of the real estate company's marquee properties. Then we take a different kind of tour with ProPublica’s Alec MacGillis. For the past year, he's been tracking the travails of tenants living in apartment complexes in Baltimore owned by Kushner Companies -- and the extent to which the real estate company has gone to keep its partners secret.
In 2012, an investment company led by Jared Kushner--son-in-law and senior advisor to President Trump--and his father, Charles Kushner, began buying up apartments and townhomes in Baltimore County.Over time, Kushner Companies’ filed hundreds of suits against tenants, even seeking unpaid rent from people who moved out of the property before Kushner Companies owned it.
Nathan, Mike, and Mahler talk about black holes, Brexit, beer on the moon, French Guiana, Cajamarca, Houthi rebels, Dogdrones, Climate Change, Obamacare, the Wall, sexual assault, Mnuchin, the "bathroom bill," Kushner Companies, Westinghouse, fake condoms, and more.
Before landing a position as a White House senior adviser, Jared Kushner, President Trump’s son-in-law, worked on making a name for himself in Manhattan real estate. And in 2007 he purchased a skyscraper on Fifth Avenue for $1.8 billion — at the time, a record deal for a single office tower. A few years after the financial crisis, 666 Fifth Ave. ran into financial problems and was eventually able to refinance its debt. After joining the president's team, Kushner sold his ownership stake in the building to a family trust and resigned as CEO of Kushner Companies. Last week, Bloomberg reported that the Chinese firm Anbang Insurance Group has been talking with Kushner Companies about a possible $4 billion investment deal in the building. Anbang has said it had not invested in the building. This week on Money Talking, David Kocieniewski with Bloomberg News and Hiten Samtani with the Real Deal review the history of the skyscraper and why Anbang might be interested in investing in it.