UPDATE: Jared Kushner has divested his equity interest in 666 Fifth Avenue, a 39-story office and retail building on Manhattan's famed shopping area, according to a spokesperson at Kushner Companies, reports Reuters.
President-Elect Donald Trump’s son-in-law Jared Kushner is close to signing a deal with China’s Anbang Insurance Group to redevelop the satanically named 666 Fifth Avenue, which houses a host of law firms and features retailers Uniqlo and Hollister on the street level, according to the New York Times. Though the deal has been in the works since before Trump secured the Republican nomination for president last year, it is likely to come to a quicker conclusion once Trump becomes the most powerful man in the world.
Anbang is linked to the Chinese government and has been aggressively trying to buy up U.S. hotels. The firm walked away from a $13 billion deal to acquire Starwood Hotels & Resorts last year.
Kushner’s family company’s real estate and investment empire is large. According to the Times, Kushner Properties has borrowed money from private equity giants like Blackstone, Deutsche Bank, the French bank Natixis and Goldman Sachs. Chinese investors also financed about one quarter of Kushner’s newest project — a Trump-branded apartment tower in Jersey City, N.J.