The Intercept reports: Not long before a major crisis ripped through the Middle East, pitting the United States and a bloc of Gulf countries against Qatar, Jared Kushner’s real estate company had unsuccessfully sought a critical half-billion-dollar investment from one of the richest and most influential men in the tiny nation, according to three well-placed sources with knowledge of the near transaction.
Kushner is a senior adviser to President Trump, and also his son-in-law, and also the scion of a New York real estate empire that faces an extreme risk from an investment made by Kushner in the building at 666 Fifth Avenue, where the family is now severely underwater.
Qatar is facing an ongoing blockade led by Saudi Arabia and the United Arab Emirates and joined by Egypt and Bahrain, which President Trump has taken credit for sparking. Kushner, meanwhile, has reportedly played a key behind-the-scenes role in hardening the U.S. posture toward the embattled nation.
That hard line comes in the wake of the previously unreported half-billion-dollar deal that was never consummated. Throughout 2015 and 2016, Jared Kushner and his father, Charles, negotiated directly with a major investor in Qatar, Sheikh Hamad bin Jassim al-Thani, known as HBJ for short, in an effort to refinance the property on Fifth Avenue, the sources said.
Trump himself has unsuccessfully sought financing in recent years from the Qataris, but it is difficult to overstate just how important the investment at 666 Fifth Avenue is for Kushner, his company, and his family’s legacy in real estate. Without some outside intervention or unforeseen turnaround in the market, the investment could become an embarrassing half-billion-dollar loss. It’s unclear precisely how much peril such a loss would put Jared’s or his family’s finances in, given the opacity of their private holdings. [Continue reading…]