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Kushner Cos. Defaults On Major Times Square Retail Property
Posted by: Steve G.
Date: March 24, 2020 12:38PM
Gosh, if only someone could arrange a massive Trillion Dollar Bailout for Trump's son-in-law

Kushner Cos. Defaults On Major Times Square Retail Property
[www.bisnow.com]

The economic fallout from the coronavirus crisis, on top of a declining retail real estate market, could cost the Kushner family its Times Square property.

Kushner Cos. failed to make this month’s mortgage payment on the retail space in the old New York Times building, after they were late on the payments for November, January and February, Crain’s New York Business reported.

In addition to the $200M senior mortgage, the company took out an $85M mezzanine loan on the property with two real estate companies, SL Green and Paramount Group. While an SL Green spokesperson told Crain's that it has divested from the loan, it and Paramount indicated they would look to take control of the property before letting it go into foreclosure, according to CMBS tracking firm Trepp.

Kushner bought the property in 2015 for $295M, when it was being run by then-CEO Jared Kushner. The company is now being run day-to-day by founder Charles Kushner. Over the past year, the attraction Gulliver's Gate, which rented 45K SF, closed after its parent company went out of business, and another tenant is paying reduced rent, Crain's reports.

With most of the city on pause to prevent the spread of the coronavirus — with retailers especially suffering — it would be a major upset if Kushner could find a tenant to fill the empty space. The company, which primarily owned and built suburban apartments before Jared Kushner's tenure at the helm took it to buying high-priced Manhattan properties, in previous months used alternative loans to finance mortgage payments, like many commercial real estate borrowers in the past few years.



Read more at: [www.bisnow.com]



Edited 1 time(s). Last edit at 03/24/2020 12:41PM by Steve G..
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Re: Kushner Cos. Defaults On Major Times Square Retail Property
Posted by: Lizabeth
Date: March 24, 2020 12:43PM
I once entertained (for a minute) working for them but fortunately came to my senses before I sent a resume in.

I sincerely hope they don’t get bailed out and if they do that Cuomo is going to keep a close eye on them.

Bad business decisions shouldn’t be rewarded.
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Re: Kushner Cos. Defaults On Major Times Square Retail Property
Posted by: samintx
Date: March 24, 2020 01:48PM
Couldn't happen to a better person.smiley-laughing001
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Re: Kushner Cos. Defaults On Major Times Square Retail Property
Posted by: steve...
Date: March 24, 2020 01:55PM
I wonder if Trump's own financial difficulty is his reason for wanting to reopen the country. It's all about himself you know.




Northern California Coast
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Re: Kushner Cos. Defaults On Major Times Square Retail Property
Posted by: Dennis S
Date: March 24, 2020 02:09PM
One more reason a businessman as president is a stupid idea.
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