Jared Kushner and other members of his family real estate firm have twice been caught using Kushner’s closeness with Trump as a means of peddling $500,000 deals that come with an inside track to a US visa.
Now Bloomberg has made it clear why Kushner was willing to risk running afoul of regulators. He really needs the cash.
Jared Kushner, 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.
In fact, Kushner’s financial situation is so precarious, that it might be driving more than just his efforts to sell Chinese investors on his ability to get Trump’s attention.
The mortgage on their tower is due in 18 months. This has led to concerns that Kushner could use—or has perhaps already used—his official position to prop up the family business despite having divested to close relatives his ownership in many projects to conform with government ethics requirements.
Like Donald Trump, it’s hard to determine just how much Jared Kushner is really worth. But the speed with which he’s been burning through other resources, and the desperation to make a deal with foreign investors, suggests that Kushner is in a very tight spot. Because the depth of the hole his company dug to buy this white elephant of a building is staggering.