Kushner Companies nearing bailout deal with Qatar-linked firm

White House Senior Advisor Jared Kushner arrives for U.S. first lady Melania Trump's

The company, Brookfield Properties, has worked hand-in-hand with the Gulf country's sovereign wealth fund, the Qatar Investment Authority, on several major United States building projects, including Manhattan West, a retail and residential complex now under construction.

Kushner Cos. had earlier talked with a member of Qatar's royal family about investing in the building, Bloomberg has previously reported.

Kushner Companies bought the tower for a record $1.8 billion in 2007.

Kushner has been unable to obtain a permanent security clearance due to concerns that foreign government could use his business entanglements to gain influence.

The owners had been intentionally keeping a portion of the building vacant because they were mulling a proposal to partially tear down the building and replace it with a $4 billion condo-retail-and-hotel development designed by late architect Zaha Hadid.

If a deal is struck, Charles Kushner will buy out his old partner, Vornado Realty Trust, which owned 49.5 per cent of the office space but was not interested in renovating the tower.

"We'll figure out a way to structure it so they would remain in", the executive said.

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Brookfield has extensive ties to Qatar. "They are in no way involved".

For the past few years, Charles Kushner, Jared's father, has been negotiating with various real estate companies over a plan to demolish his company's flagship NY building and constructing a new one.

During the US presidential campaign, Jared Kushner and his father, Charlie Kushner, had talked with Sheikh Hamad bin Jassim bin Jabr Al Thani, who'd previously served as Qatar's prime minister as well as head of the QIA, about investing in the tower.

The New York Times reported Thursday that Kushner Companies, which is owned by the family of White House senior adviser Jared KushnerJared Corey KushnerTrump Tower transcripts show how one reckless meeting led to probe Judiciary transcripts offer detailed account of Trump Tower meeting Trump Jr. lawyer tried to coordinate stories on Trump Tower meeting with organizer MORE, is close to a deal with Brookfield Properties on the fate of the financially troubled building at 666 Fifth Ave.in Midtown Manhattan. The deal was contingent on Kushner being able to land additional financing from other sources, and fell apart when the family company failed to lock in additional financing.

Separately, Charles Kushner met in April 2017 with Qatar's finance minister in a New York City session at which funding for 666 Fifth Avenue was discussed.

If the deal is consummated, Brookfield and Kushner would update the aging property with lighter and airier offices that would command higher rents, according to one of the people familiar with the deal.

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