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![]() | |
Company type | Private |
---|---|
Industry | Real estate |
Founded | 1985 |
Founder | Charles Kushner |
Headquarters | 767 Fifth Avenue, , |
Key people |
|
Services | Real estate development |
Website | kushner |
Kushner Companies LLC is an American real estate developer in the New York City metropolitan area. [1] The company's biggest presence is in the New Jersey residential market.
A study published in December 2017 by Bloomberg News indicated that Kushner Companies owned a stake in over 60 buildings in New York City. [2] Major holdings in the city include the Puck Building and the retail space at 229 West 43rd Street, as well as 666 Fifth Avenue until its 2018 sale. [3] The company's headquarters were relocated to the GM Building Manhattan in 2020. [4]
In 1985, Charles Kushner founded Kushner Companies along with his father, Joseph Kushner. [5]
In 2005, Charles Kushner was convicted of tax evasion and witness tampering, and served time in federal prison. As a result, he handed over the management of the company to his eldest son, Jared. [6]
Kushner Companies has received multiple loans from Israeli bank, Bank Hapoalim. [7]
The firm "received a roughly $30 million investment from Menora Mivtachim" in 2017. [8] It was spent on "a Maryland development". [9]
In 2017, Nicole Kushner Meyer joined her brother Josh in Kushner Companies, serving as a principal. [10] Meyer was criticized for mentioning her brother Jared's White House position during investor presentations that she gave in China when soliciting $150 million for 1 Journal Square in Jersey City, New Jersey, causing her to cancel the rest of her roadshow appearances. [11] In another dispute involving 1 Journal Square, the company is attempting to get $113,659 from the city to cover legal expenses. [12]
According to an August 2017 article in Bloomberg, the company was facing an increasingly "distressed situation" at the time. Over the previous few years, family members had sought substantial overseas investment to deal with "troubled finances". [13]
In the 2010s, developers such as the Kushner Companies widely used the EB-5 visa to fuel a "high-end US residential boom". [14] In May 2017, Trump renewed the visa program in his first major piece of legislation. [15] That September, the United States Attorney's office subpoenaed the Kushner Companies over the use of the EB-5 visa program to fund developments. [16]
In December 2017, the United States District Court for the Eastern District of New York subpoenaed Deutsche Bank records pertaining to Kushner Companies. [17] The New York Times reported in May 2019 that anti-money laundering specialists in the bank detected what appeared to be suspicious transactions involving entities controlled by Donald Trump and Jared Kushner, for which they recommended filing suspicious activity reports with the Financial Crimes Enforcement Network of the Treasury Department, but bank executives rejected the recommendations. One specialist noted money moving from Kushner Companies to Russian individuals and flagged it in part because of the bank's previous involvement in a Russian money laundering scheme. [18] [19]
In 2020, ProPublica and WNYC reported that Kushner Companies received "a near-record sum" from government-backed lender Freddie Mac. The $786 million in loans helped Kushner Companies purchase thousands of apartments in Maryland and Virginia and appeared to come with "unusually good terms," raising conflict of interest questions due to Jared Kushner's role as Senior Advisor to the President of the United States. [20]
In 2003, New York University and Kushner Properties announced that the university had signed a 15-year lease for three floors, comprising 75,000 square feet (7,000 m2) of contiguous space, in the historic Puck Building, 295 Lafayette Street in Manhattan's SoHo neighborhood. [21]
In December 2006, the company announced plans to buy 666 Fifth Avenue for $1.8 billion, the biggest deal to date for an individual building in New York City history. [22] In early 2007, Kushner bought the building for US$1.8 billion, the highest price ever paid for a single office building in the United States. [23] [24] Four years later, rising debt forced Kushner to hand over 49.5% of the ownership of 666 Fifth Avenue to Vornado. Kushner had planned to demolish the existing structure and build one twice the size; Vornado's Steven Roth stated that this will not happen. [2] The building, which represented significant debt for the company was leased in 2018. [25]
Kushner since shifted focus from his New Jersey real estate operations to the New York market. In July 2007, the Kushner Companies sold 17,500 apartments in the states of New Jersey, Pennsylvania, Delaware, Maryland and New York, valued at $2 billion. [26] [27] Before that sale, the Companies had employed approximately 800 people. [23]
In August 2011, representatives from the Kushner Companies made a presentation to the Perth Amboy Redevelopment Agency proposing a scaled-back design concept for the Landings at Harborside, a residential development set to be built along the city's waterfront, and allowing rental housing instead of owner-occupied units as originally planned. The plan, which would have saved two historic Perth Amboy buildings, was endorsed by Mayor Wilda Diaz, quoted as saying, "Too many sites have been torn down. Let's restore them and use them for other purposes." She further said that Kushner sketched a concept for the courthouse that was incorporated into the redesign. [28]
On July 5, 2013, Kushner Companies signed an agreement to purchase a five-building complex in Brooklyn Heights, Brooklyn, formerly used by Jehovah's Witnesses, for $340 million. The building is 95% owned by CIM Group. [29] [2]
In 2016, Kushner Companies opened Trump Bay Street, a luxury 53-story apartment tower in Jersey City, New Jersey. [30] The Kushners partnered with a company linked to Beny Steinmetz on the $250 million project, which was financed through a $30 million cash investment by the Kushners and $190 million in loans, including a $140 million construction loan from CIT Group and $50 million of investments from Chinese nationals purchasing EB-5 visas. [30] By June 2017, the building had reached half occupancy and was valued at up to $360 million, leading the Kushners to seek $250 million in refinancing. [30] Jared Kushner retained his interest in the building after becoming senior advisor to President Donald Trump, his father-in-law. [30]
The company also owns properties in Long Branch, New Jersey [31] as well as nearby Monmouth Mall, which Kushner acquired when it fully purchased the non-management joint venture with Vornado Realty Trust that owned the mall.[ citation needed ]
In 2017, Nicole Kushner Meyer joined her brother Josh in Kushner Companies, serving as a principal. [32] Meyer was criticized for mentioning her brother's White House position during investor presentations she gave in China when soliciting $150 million for 1 Journal Square in Jersey City, causing her to cancel the rest of her roadshow appearances. [33] In another dispute involving 1 Journal Square, the company is attempting to get $113,659 from the city to cover legal expenses. [34]
Bloomberg reported in 2017 that the company was facing an increasingly "distressed situation". Over the preceding few years, family members have sought substantial overseas investment to deal with "troubled finances". [35]
In the 2010s, developers such as the Kushner Companies widely used the EB-5 visa to fuel a "high-end US residential boom". [36] In May 2017, Trump renewed the visa program in his first major piece of legislation. [37] That September, the United States Attorney's office subpoenaed the Kushner Companies over the use of the EB-5 visa program to fund developments. [38]
In December 2017, the United States District Court for the Eastern District of New York subpoenaed Deutsche Bank records pertaining to Kushner Companies. [39] The New York Times reported in May 2019 that anti-money laundering specialists in the bank detected what appeared to be suspicious transactions involving entities controlled by Donald Trump and Jared Kushner, for which they recommended filing suspicious activity reports with the Financial Crimes Enforcement Network of the Treasury Department, but bank executives rejected the recommendations. One specialist noted money moving from Kushner Companies to Russian individuals and flagged it in part because of the bank's previous involvement in a Russian money laundering scheme. [40] [41]
In 2020, ProPublica and WNYC reported that Kushner Companies received "a near-record sum" from government-backed lender Freddie Mac. The $786 million in loans helped Kushner Companies purchase thousands of apartments in Maryland and Virginia and appeared to come with "unusually good terms," raising conflict of interest questions due to Jared Kushner's role as Senior Advisor to the President of the United States. [42]
Deutsche Bank AG is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Stock Exchange.
The New York Observer was a weekly newspaper established in 1987. In 2016, it ceased print publication and became the online-only newspaper Observer. The media site focuses on culture, real estate, media, politics and the entertainment and publishing industries.
Charles Kushner is an American real estate developer and disbarred former attorney. He founded Kushner Companies in 1985.
Jared Corey Kushner is an American businessman, investor, and former government official. He is the son-in-law of former president Donald Trump through his marriage to Ivanka Trump, and served as a senior advisor to Trump from 2017 to 2021. He was also Director of the Office of American Innovation.
660 Fifth Avenue is a 41-story office building on the west side of Fifth Avenue between 52nd and 53rd Streets in the Midtown Manhattan neighborhood of New York City. The office tower was designed by Carson & Lundin and built for its developer Tishman Realty and Construction from 1955 to 1957.
The United States EB-5 visa, employment-based fifth preference category or EB-5 Immigrant Investor Visa Program was created in 1990 by the Immigration Act of 1990. It provides a method for eligible immigrant investors to become lawful permanent residents—informally known as "green card" holders—by investing substantial capital to finance a U.S. business as long as it creates at least 10 new, full-time jobs for Americans and work-authorized immigrants. The EB-5 program is intended to encourage both "foreign investments and economic growth." The EB-5 Immigrant Investor Visa Program is one of five employment-based (EB) preference programs in the United States.
Joshua Kushner is an American businessman, heir, and investor. He is the founder and managing partner of the venture capital firm Thrive Capital, co-founder and vice-chairman of Oscar Health, and the youngest son of real estate developer Charles Kushner. He is the younger brother of Jared Kushner, son-in-law and former senior advisor to former U.S. President Donald Trump. He is also a minority owner of the Memphis Grizzlies.
Steven Roth is an American real estate investor, the founder and chairman of Vornado Realty Trust, the largest commercial landlord in New York City. He is also co-founder and managing general partner of Interstate Properties, and chairman and chief executive officer of Alexander's.
Oscar Health, Inc. is an American health insurance company, founded in 2012 by Joshua Kushner, Kevin Nazemi and Mario Schlosser, and is headquartered in New York City. The company focuses on the health insurance industry through telemedicine, healthcare focused technological interfaces, and transparent claims pricing systems which would make it easier for patients to navigate.
Observer Media is an American online media company. The company was formed through several acquisitions, including acquisition of The New York Observer in 2007. Observer Media is based in Lower Manhattan, New York City, and was owned by businessman Jared Kushner until 2016, when he transferred his ownership into a family trust, through which his brother-in-law Joseph Meyer took over his former role as publisher and chairman in 2017. It currently publishes the Commercial Observer and Observer. As of November 2016, Observer Media announced it would no longer print the New York Observer. The Observer site is a consolidation of several notable online properties, including The Gallerist, BetaBeat, NY Politicker, and PolitickerNJ.
Donald Trump began his career as a businessman at his father's real estate company, Trump Management, which he later renamed the Trump Organization. He expanded its business to Manhattan, where his father's financial and political backing enabled him to do his first deals, demolishing and renovating landmark buildings. Trump entered various businesses that did not require capital funding, including licensing his name to lodging and golf course enterprises around the world. Building on his public persona in the New York tabloid press, he later starred in the reality TV show The Apprentice.
Donald Trump has pursued business deals in Russia since 1987, and has repeatedly traveled there to explore potential business opportunities. In 1996, Trump trademark applications were submitted for potential Russian real estate development deals. Trump, his children, and his partners have repeatedly visited Russia, connecting with real estate developers and Russian government officials to explore joint venture opportunities. Trump was never able to successfully conclude any real estate deals in Russia. However, individual Russians have invested heavily in Trump properties, and, following Trump's bankruptcies in the 1990s, he borrowed money from Russian sources. Both Donald Trump Jr. and Eric Trump have said that Russia was an important source of money for the Trump businesses.
Rosemary Teresa Vrablic is an American banker who worked as the managing director and senior private banker of Deutsche Bank's U.S. private wealth management (PWM) business. In 2013, Vrablic was managing assets valued at $5.5 billion on behalf of about 50 clients, 40% of whom had made their money in real estate. Her high-net-worth clients include Herbert Simon, the billionaire owner of the Indiana Pacers, and Jared Kushner. According to the New York times and the Financial Times, she was "Donald Trump’s longtime private banker" before her resignation from Deutsche Bank in December 2020.
RealCadre LLC, commonly Cadre, is an American financial technology company that provides individuals and institutions direct access to real estate investment properties, including commercial properties based in New York. The business and financial press describe it as a platform that "makes the real estate market more like the stock market" by allowing investors to select the individual transactions in which they participate, while investing a smaller amount than would be required to fully fund a transaction. For example, 12 institutional investors participated in a $60 million office building purchase. The firm was named to Forbes' "FinTech50" for 7 years in a row starting in 2016. In 2019, Cadre was the cover story of the Forbes "FinTech 50" issue. In 2018, a partnership with Goldman Sachs was announced through which Goldman Sachs' private wealth clients committed at least $250 million (USD) real estate investments through Cadre. In 2020, Cadre announced its "Direct Access" fund intended to include smaller investors with a $400 million target raise. The company also offers a managed portfolio service and a real estate secondary market, as well as a cash holdings account called "Cadre Cash". The company has announced plans to address racial injustice in the United States by investing at least 10% of its Direct Access fund investments with minority-owned operators and increasing its cash held in black-owned banks.
Denis Katsyv is a Ukrainian, Russian and Israeli businessman based in Moscow and owner of Prevezon Holdings Limited. He was linked in a civil forfeiture case to money laundering through real estate investments in the United States, in violation of the Magnitsky Act of 2012; the case was settled in 2017 with the United States Justice Department by Prevezon agreeing to pay $5.9 million.
The Parties agree that the Complaints do not allege that any of the Defendants, Claimants, or Denis Katsyv, Alexander Litvak, or Timofey Krit, is responsible, directly or indirectly, for the arrest, detention, or death of Sergei Magnitsky, or that they have acted as an agent of, on behalf of or in agreement with a person in a matter relating to the arrest, detention, or death of Sergei Magnitsky.
65 Bay Street is a 50-story apartment tower, originally named Trump Bay Street after Donald Trump and located at 65 Bay Street in Jersey City, New Jersey. It is located adjacent to the Trump Plaza apartment tower, which was completed in 2008. A second Trump Plaza tower had initially been planned but was delayed, and the property for the proposed building was sold several times during the Great Recession.
Trump Media & Technology Group Corp. (TMTG) is an American media and technology company headquartered in Sarasota, Florida. It runs the Truth Social social-media platform and is primarily owned by former U.S. president Donald Trump.
The Kushner family is an American family involved in real estate development. The family originated from Novogrudok, Belarus, and is based in the New York metropolitan area. After surviving the Holocaust and settling in the United States, Joseph Kushner developed a portfolio of 4,000 apartments. He left the business to his sons, Murray and Charles Kushner, who worked together before having a falling-out over business and personal matters. Charles owns Kushner Companies and Murray owns the Kushner Real Estate Group. The net worth of Charles' family has been estimated at over $1 billion. Jared Kushner, Charles' son, was senior advisor to President Donald Trump.
Affinity Partners is an American investment firm, based in Miami, Florida. It was formed in 2021 by Jared Kushner, Donald Trump's son-in-law who also served as a senior advisor during Trump's presidency. The firm has a focus on investing in American and Israeli companies. Its sources of funding are overwhelmingly from the Saudi Arabian government.
Valentin "Val" Broeksmit was a whistleblower and FBI informant.
{{cite news}}
: CS1 maint: multiple names: authors list (link){{cite news}}
: CS1 maint: multiple names: authors list (link)Shortly before, his family real estate company received a roughly $30 million investment from Menora Mivtachim, an insurer that is one of Israel's largest financial institutions, according to a Menora executive.
According to the report, the funds were directed into a Maryland development.
FBI raids were focused on the California Investment Immigration Fund, a business allegedly connected to abuses of the controversial EB-5 program
In recent weeks, prosecutors from the United States attorney's office in the Eastern District of New York subpoenaed records from Deutsche Bank, the giant German financial institution that has lent hundreds of millions of dollars to the Kushner family real estate business.
FBI raids were focused on the California Investment Immigration Fund, a business allegedly connected to abuses of the controversial EB-5 program
In recent weeks, prosecutors from the United States attorney's office in the Eastern District of New York subpoenaed records from Deutsche Bank, the giant German financial institution that has lent hundreds of millions of dollars to the Kushner family real estate business.