Bloomberg has reported on a deal with Chinese Anbang Insurance Group that involves a property located at #666 Fifth Avenue in Manhattan, which is owned by Jared Kushner's family. Mr. Kushner serves as senior adviser to President #Donald Trump, and is married to his daughter, Ivanka. The $4 billion deal is said to value the building at $2.85 billion, which the financial publication states is the most ever paid for a "single Manhattan building." The Kushner family will reportedly net $400 million from the deal.
In a recent video with The Young Turks featuring the deal, John Iadarola made note of the 666 Fifth Avenue address, as those present on the TYT set laughed. Mr. Iadarola then described the deal as being a "devil" of one. He explained that the Kushner family owes about $250 million in debt, and that, with the Anbang deal, the family "will be able to retire the debt by paying off just $50 million -- or 20% -- of what they owe."
Anbang-Kushner deal presents family with exceptional 'value'
The TYT host cited "real estate experts" who say the deal would seem to present exceptional "value" for the Kushner family. Iadarola allowed for the possibility that business has picked up substantially, and that reports of the building having not "done very well," may be overstated. Still, he insisted that both the valuation and the timing of deal is "suspect," and held up talk of "conflicts of interest" between Donald Trump and Chinese companies.
A spokesperson with the Kushner family was quoted by CNBC that Jared Kushner had sold his "ownership stake in 666 Fifth," to avoid interest conflicts. Calling attention to seeming absurdity behind the statement, Iadarola stated that it would only be "his family that would enriched" in potential corruption, so "of course" a conflict of interest is impossible, now that the Trump adviser has disposed of his personal holdings.
Cenk Uygur questions timing of Kushner family deal
Speaking to the amount the Kushner family will receive from the deal, $400 million, TYT founder Cenk Uygur characterized it as a "good deal," but not "Earth shattering." He expressed the opinion that the deal might have made sense during "booming times," but faced with reports that 666 Fifth wasn't a winning business, he questioned the valuation. Mr. Uygur also questioned the seeming sweetheart terms to the Kushners' debt repayment that sees them retiring $250 million for 20 cents on the dollar. The TYT founder held that "somebody else" paid the remaining $200 million on the Kushners' behalf, and called it "weird."
#Cenk Uygur explained that Anbang Insurance had previously purchased New York City's Waldorf Astoria, and that former President Barack Obama would not stay there because of concerns of wiretaps on the part of the Chinese government. The TYT host held this fact up against the Kushners' seeming "giant gift," and called the situation "deeply disturbing," and "brazen." He compared the deal to those completed by Neil Bush, son of former President H. W. Bush, and noted that should the Kushners' be involved in influence peddling, they wouldn't be the first in political circles to do so.