Based on a report in Forbes, it looks like more real estate problems for Donald J. Trump’s son-in-law Jared Kushner. “When a lender is putting a receiver in place it generally means the owner is not doing basic things, not keeping the lights on, not flushing toilets, and they have to get someone else in to run the building.”
The quote is from an attorney in a report by Forbes: “Kushner Likely Walking Away From Times Square Retail As Foreclosure Progresses.“
The ETSY & Kushner Issue
This news come on the heels of another report in The Hill Reporter of Kushner and real estate problems. From the article. . .
It started with an anonymous DM tip to the Hill Reporter Twitter account: an independent contractor familiar with the situation sent us a tip that the headquarters for online crafting powerhouse Etsy in Brooklyn, New York, is housed in a building owned by Jared Kushner‘s family. Called “Dumbo Heights” and co-owned with Aby Rosen’s RFR Holding LLC, the building is home to several tenants including WeWork, but Etsy is the property’s main tenant and the largest Kushner property. The firm’s partnership in the four Brooklyn office buildings barely covered their debt payments last year, and the global recession caused by the coronavirus pandemic is impacting their ability to pay back $300 million of loans issued in 2018 by South Korean insurers.
The Guardian & Kushner Issue
Back in 2017, Kushner’s involvement with another building in Brooklyn caused issues. A Buzzfeed News report on the issue is titled: “Guardian Ditches Move To Kushner Building After Newsroom Revolt“. From the article:
After a round of major cuts to its US operation, The Guardian told staffers that it planned to move the company’s New York headquarters from one WeWork co-working space in Manhattan to another in “Dumbo Heights,” a Brooklyn office and retail complex owned by the Kushner real estate empire and partners, said three people familiar with the matter. . .
A spokesperson for Guardian US said that the company changed plans when it learned of Kushner’s ties to the building. The company now has plans to move to an office in Midtown Manhattan in May, the spokesperson said.
Things Fall Apart
Donald Trump is no longer president. The walls appear to be closing in. Trouble is not just knocking on Donald’s door, but also those around him. Perhaps the actions of the Trump cabal, may be viewed as actions of people who believe they are above the law.
We are mindful of the axiom: “Sooner or later, everyone sits down to a banquet of consequences.”
***You can also find me at @DonLew87 on Twitter.
