Kushner Cos., which is owned by the family of Jared Kushner, the son-in-law of US president Donald Trump, will receive $400m from Anbang Insurance which is buying into its Manhattan office block at 666 Fifth Ave.
The deal values the property at $2.85bn – $1.6bn for the offices and $1.25 for the retail space – a record for a single building in Manhattan.
Anbang plans to convert the top floors of the building into luxury apartments and will take out a construction loan for more than $4bn to do so.
Click here for the full Bloomberg article
