No. of Recommendations: 1
some 'longtimers' may recall the days of Brookfield existential angst over CRE, supposedly on the verge of taking all the brookfield empire down. it turns out flatt was right in that classA had value much higher than the downgrade hit on lesser quality.
one of these CREs was kushner's 666 Fifth Avenue, in deep cashflow trouble.
in those innocent days when the MAGA crime family had to be shamed into turning down a suspiciously overpriced offer from china, they turned to brookfield.
now even this crap deal where kushners keep the land and brookfield spent as much in renovation, it seems brookfield may eek out a profit. (i long held just the reputational damage was not worth the effort, and feel brookfield will flip this one)
from wsj :
"[Brookfield]invested about $1.7 billion for its 2018 purchase and overhaul of the building in Midtown Manhattan. ...all space in the 39-story tower is spoken for,...rebranded the building with the new address of 660 Fifth Avenue...
Jared Kushner’s family real-estate firm paid $1.8 billion for the office property in 2007...ran into problems filling space and staying current on their debt.
Charles Kushner, entered into talks to sell...to Anbang Insurance Group, a Chinese insurer with connections to the government in Beijing. That deal set off an uproar over potential conflicts... It was ultimately abandoned. Brookfield took over the troubled tower in 2018, acquiring a 99-year lease on the property from Kushner..."
