Kushners' Troubled Tower: Debt, Empty Offices and Rising Fees
- Need to refinance 666 Fifth Avenue may explain Anbang talks
- Ramifications of record-setting purchase linger a decade later
Kushner Family to Get $400 Million From Tower Sale
The Manhattan tower co-owned by the family of Jared Kushner, President Donald Trump’s son-in-law, has been losing money for three years and faces increasing loan fees in 2017, which may explain why the family has been negotiating with Chinese insurance behemoth Anbang on new financing.
The fees, at 666 Fifth Avenue, kicked in last month and escalate with each payment until the loan is repaid, a 2011 refinancing agreement shows. December brings another hurdle: Interest paid on the bulk of about $1.1 billion of loans jumps to 6.35 percent, more than double what it was after the debt was refinanced in 2011.