Jared Kushner's other real estate empire

[Jacque67 7,328]

When Americans were introduced last year to Ivanka Trump’s husband and the nation’s prospective son-in-law in chief, it was as the preternaturally poised, Harvard-educated scion of a real estate empire whose glittering ambitions resembled Donald Trump’s own. In 2007, Kushner Companies, run at the time by Jared and his father, Charles, bought the aluminum-clad skyscraper at 666 Fifth Avenue for a record-breaking $1.8 billion; they are now seeking partners for a $12 billion plan to replace it with a glass tower that would be 40 stories taller. In 2013 they acquired 17 buildings in Manhattan’s East Village for about $130 million, and three years later they spent $715 million on a cluster of buildings owned by the Jehovah’s Witnesses on prime land in Brooklyn’s fast-developing Dumbo district.
But the Kushners’ empire, like Trump’s, was underwritten by years of dealing in much more modestly ambitioned properties. Jared’s grandfather Joseph Kushner, a Holocaust survivor from Belarus, over his lifetime built a small construction company in New Jersey into a real estate venture that owned and managed some 4,000 low-rise units concentrated in the suburbs of Newark. After taking over the business, Charles expanded Kushner Companies’ holdings to commercial and industrial spaces, but the company’s bread and butter remained the North Jersey apartment complexes bequeathed to him by his father.
In the mid-2000s, the company began to sell off the more than 25,000 multifamily rental units it owned, culminating in a 2007 sale of nearly 17,000 units for $1.9 billion. The sale — near the peak of the housing boom, just months before the crash — was impeccably timed, but it also reflected a shift in the attentions of what would soon be a three-generation real estate dynasty. Charles, a major Democratic Party donor, had returned late the previous year from a brief stint in federal prison after pleading guilty to 18 counts of tax evasion, witness tampering and illegal campaign donations. Back at the helm of the company, he began to shift its focus from New Jersey to New York City — and prepared to pass the reins to his son Jared, who had just received a degree in law and business from New York University.
But amid the high-profile Manhattan and Brooklyn purchases, in 2011, Kushner Companies, with Jared now more firmly in command, pulled together a deal that looked much more like something from the firm’s humble past than from its high-rolling present. That June, the company and its equity partners bought 4,681 units of what are known in real estate jargon as “distress-ridden, Class B” apartment complexes: units whose prices fell somewhere in the middle of the market, typically of a certain age and wear, whose owners were in financial difficulty. The properties were spread across 12 sites in Toledo, Ohio; Pittsburgh; and other Rust Belt cities still reeling from the Great Recession. Kushner had to settle more than 200 debts held against the complexes before the deal could go through; at one complex, in Pittsburgh, circumstances had become so dire that some residents had been left without heat and power because the previous owner couldn’t pay the bills. Prudential, which was foreclosing on the portfolio, sold it for only $72 million — half the value of the mortgages on the properties.

 

https://www.nytimes.com/2017/05/23/magazine/jared-kushners-other-real-estate-empire.html

 

oh Jared , the US Middle East envoy!!!

Edited May 23, 2017 by Jacque67

[smilesammich 10,727]

[The Nature Boy 7,659]

9 hours ago, Jacque67 said:

When Americans were introduced last year to Ivanka Trump’s husband and the nation’s prospective son-in-law in chief, it was as the preternaturally poised, Harvard-educated scion of a real estate empire whose glittering ambitions resembled Donald Trump’s own. In 2007, Kushner Companies, run at the time by Jared and his father, Charles, bought the aluminum-clad skyscraper at 666 Fifth Avenue for a record-breaking $1.8 billion; they are now seeking partners for a $12 billion plan to replace it with a glass tower that would be 40 stories taller. In 2013 they acquired 17 buildings in Manhattan’s East Village for about $130 million, and three years later they spent $715 million on a cluster of buildings owned by the Jehovah’s Witnesses on prime land in Brooklyn’s fast-developing Dumbo district.
But the Kushners’ empire, like Trump’s, was underwritten by years of dealing in much more modestly ambitioned properties. Jared’s grandfather Joseph Kushner, a Holocaust survivor from Belarus, over his lifetime built a small construction company in New Jersey into a real estate venture that owned and managed some 4,000 low-rise units concentrated in the suburbs of Newark. After taking over the business, Charles expanded Kushner Companies’ holdings to commercial and industrial spaces, but the company’s bread and butter remained the North Jersey apartment complexes bequeathed to him by his father.
In the mid-2000s, the company began to sell off the more than 25,000 multifamily rental units it owned, culminating in a 2007 sale of nearly 17,000 units for $1.9 billion. The sale — near the peak of the housing boom, just months before the crash — was impeccably timed, but it also reflected a shift in the attentions of what would soon be a three-generation real estate dynasty. Charles, a major Democratic Party donor, had returned late the previous year from a brief stint in federal prison after pleading guilty to 18 counts of tax evasion, witness tampering and illegal campaign donations. Back at the helm of the company, he began to shift its focus from New Jersey to New York City — and prepared to pass the reins to his son Jared, who had just received a degree in law and business from New York University.
But amid the high-profile Manhattan and Brooklyn purchases, in 2011, Kushner Companies, with Jared now more firmly in command, pulled together a deal that looked much more like something from the firm’s humble past than from its high-rolling present. That June, the company and its equity partners bought 4,681 units of what are known in real estate jargon as “distress-ridden, Class B” apartment complexes: units whose prices fell somewhere in the middle of the market, typically of a certain age and wear, whose owners were in financial difficulty. The properties were spread across 12 sites in Toledo, Ohio; Pittsburgh; and other Rust Belt cities still reeling from the Great Recession. Kushner had to settle more than 200 debts held against the complexes before the deal could go through; at one complex, in Pittsburgh, circumstances had become so dire that some residents had been left without heat and power because the previous owner couldn’t pay the bills. Prudential, which was foreclosing on the portfolio, sold it for only $72 million — half the value of the mortgages on the properties.

 

https://www.nytimes.com/2017/05/23/magazine/jared-kushners-other-real-estate-empire.html

 

oh Jared , the US Middle East envoy!!!

So in other words , he is a good business person.  What a scandal 

[smilesammich 10,727]

1 hour ago, Nature Boy Flair said:

So in other words , he is a good business person.  What a scandal 

i would tell you to read the whole article, but i cashed in that card last week.

[Amica Nostra 4,803]

1 hour ago, smilesammich said:

i would tell you to read the whole article, but i cashed in that card last week.

Tell him to take a ride on the Reading Railroad. Collect 200 when you pass go.

[Jacque67 7,328]

But he was the good one!!!

kushner subsidiary chasing wages from a single mum getting section 8 housing.

 

grifter.

 

also the poi...

buckle up!!!

Edited May 24, 2017 by Jacque67

[Jacque67 7,328]

From the NYT article cited in OP

Jared Kushner stepped down as chief executive of Kushner Companies in January. But he remains a stakeholder in the company — his share of company-related trusts is estimated to be worth at least $600 million — and the company says it has no intention of selling off its multifamily holdings. (JK2 Westminster was formally dissolved in December, but Kushner Companies still owns the complexes through other entities; lawsuits against tenants are now typically filed in the names of the complexes themselves.) Because Kushner retains his interest in the complexes, the White House told The Baltimore Sun in February that he would recuse himself from any policy decisions about Section 8 funding, as many of his tenants rely on it for their rent. But even as Kushner now busies himself with his ever-expanding White House portfolio, his company is carrying on its vigorous efforts in court.

On April 17, three cases were being held consecutively in Baltimore’s District Court involving tenants of the Dutch Village complex. One was against Catherine Silver, a Morgan State University student who had given notice that she was moving at the end of March — she was fed up with lousy maintenance (among other things, a perpetually clogged toilet and a ceiling leak in her closet). But when Silver went to Walmart to pay her March rent with her WIPS card, the money mistakenly ended up not in the account for Dutch Village but the one for Kushner Companies’ adjacent complex, Pleasantview.

Westminster Management started eviction proceedings. On March 23, a sheriff’s deputy changed the locks on the unit. Silver was traveling at the time — it was spring break — and it was not until March 31 that she was able to explain to a judge what happened and get her keys back. By that point, it was too late to get her possessions into the moving truck she’d rented, and classes had resumed. She stayed in the unit, in which Westminster had turned off the heat and hot water, trying again to plan her departure. But Westminster was now after her for April’s rent, despite the fact that the company had literally barred her from being able to move before April, as she had intended. On April 25, a judge ruled that she needed to pay half of April’s rent, plus court costs: $471.

[Jacque67 7,328]

Ooh, delicious!!!

http://www.nbcnews.com/news/us-news/jared-kushner-now-under-fbi-scrutiny-russia-probe-say-officials-n764826

 

only just today has he reportedly provided the FBI with a list of his foreign contacts, as required for his security clearance ...hmm.

 

side note: Chris Christie chucked his daddy for wire-tapping a family member...involved ladies of the night...

 

oh, well Ivanka can write an informative book about being a single mum.

kushner will be VERY popular in prison;)!!!!

[Amica Nostra 4,803]

3 minutes ago, Jacque67 said:

Ooh, delicious!!!

http://www.nbcnews.com/news/us-news/jared-kushner-now-under-fbi-scrutiny-russia-probe-say-officials-n764826

 

only just today has he reportedly provided the FBI with a list of his foreign contacts, as required for his security clearance ...hmm.

 

side note: Chris Christie chucked his daddy for wire-tapping a family member...involved ladies of the night...

 

oh, well Ivanka can write an informative book about being a single mum.

kushner will be VERY popular in prison;)!!!!

Hmmm...will Ivanka be single?

[Jacque67 7,328]

5 hours ago, ccneat said:

Hmmm...will Ivanka be single?

Yep, get she'll dump him. (moving on up...)

 

the purpose of the foray into Manhattan and into publishing was to rehabilitate the Kushner name, it is hard to know how well that worked out. The Kushners are not on the city’s bold-faced cultural boards or civic institutions, and now that he is more associated with Trump than with even his own family, such invitations are likely to be less forthcoming.

As for the Observer, rather than use a storied journalistic institution for an entryway into the right rooms of Manhattan, Kushner wanted to see the paper turn profitable—something that had never occurred in its previous decades of existence. He pushed for page views and cut staff and page counts when possible, and cycled through a string of editors. When the paper at last became profitable for a small period of time in 2011, Kushner pushed to cut staff to increase margins. During the height of the Trump campaign, a number of reporters quit and one wrote an open letter on the paper’s website decrying her boss’ role in the Trump campaign. Ken Kurson, the longest-serving editor in the Kushner era and a family friend and political operative, resigned this week to work at Teneo, a global advisory firm founded by Clinton insiders. Kushner has handed over the reins of the paper to his brother-in-law and shuttered the print edition for good, and with it any intention of remaining an influential player in New York City.

Meanwhile, damaging stories keep landing as journalists dig into the Kushner real estate empire, which is said to have taken part in at least $7 billion worth of acquisitions over the past decade and, according to Forbes, to have a worth close to $1 billion. A recent investigation by ProPublica revealed that Kushner Companies have bought thousands of distressed apartment complexes in Rust Belt cities in recent years, hardly the stuff of Manhattan dreams. A subsidiary that manages the complexes has been ruthless in pushing out those who didn’t pay their rent, ProPublica reported, hitting them with steep late fees and even going after them in court. “It was a lot of construction and a lot of evictions,” Kushner said in 2012. “But the communities now look great, and the outcome has been phenomenal.”

[Jacque67 7,328]

Mediocre fellow inherits money from criminal daddy, and ends up in prison still thinking he's a genius!! Scorcese film in the making!!! Bannon and Priebus would be happy for him to be the fall guy, and probably Donnie too, in his heart of hearts!!!

[CaliCat 3,957]

On 5/23/2017 at 8:45 PM, smilesammich said:

i would tell you to read the whole article, but i cashed in that card last week.

 

A wasted card, I presume?