4.6 • 12 Ratings
🗓️ 28 October 2024
⏱️ 5 minutes
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While Jared Kushner moved to D.C. to advise former president Trump and then to Miami to pursue private equity, his family’s real estate business quietly prospered in his absence—rebuilding a portfolio that’s now more valuable than his father-in-law’s.
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0:00.0 | Here is your Forbes Daily Briefing for Monday, October 28th. |
0:05.0 | Today on Forbes, the Kushner's real estate empire is now worth more than trumps. |
0:11.0 | In 2018, the Kushner family was at a turning point. One year into |
0:16.8 | Jared Kushner's tenure as senior advisor at the White House to his father-in-law |
0:20.6 | Donald Trump, the family's real estate business, Kushner Companies, was |
0:24.9 | facing battles on multiple fronts. Rumors swirled about possible investigations |
0:30.1 | into influence from Chinese and Qatari investors, |
0:33.2 | which the firm strenuously denied. |
0:35.8 | In its home state of New Jersey, |
0:37.6 | its high-profile luxury apartment development |
0:40.1 | in Journal Square was stalled, |
0:42.4 | with a company filing a lawsuit against Jersey City and its mayor, |
0:46.0 | alleging that they were putting the project in default due to quote political animus. |
0:51.0 | The greatest immediate threat lay in Manhattan where it faced a looming |
0:55.3 | wall of debt, $1.2 billion coming due by February 2019 on its marquee asset, a 50.5% stake in 666 Fifth Avenue, a 41-story |
1:07.9 | office tower in Midtown. Six years later, the Cushners have turned things around. |
1:14.0 | One of two 64-story towers at the Jersey City complex |
1:18.0 | topped out this summer. |
1:20.0 | A 30-story 420 unit apartment tower in the heart of Miami, their second development in Florida, |
1:25.8 | was completed in early October. A few days later, Open AI leased more than half of the office |
1:31.5 | space at their historic P puck building in Lower Manhattan. |
1:35.0 | The Chat GPT Maker will pay $140 per square foot, a massive jump from the $31 paid by the previous |
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