Jared Kushner’s family is set to take a massive loss related to its stake in the office tower located at 666 Fifth Avenue in Manhattan.
Bloomberg reports that the office tower, which is jointly owned by Kushner Cos. and Vornado Realty Trust, is on track to lose $24 million this year alone, which would mark the worst loss on the tower ever since it was last refinanced in 2011.
Through the first six months of 2017, the property had a net income of $18.3 million, with debt payments of over $30 million over the same period.
“The tower’s cash flow is enough to cover only about half of the debt payments on the building, down from 66 percent last year,” reports Bloomberg “The ratio has been declining every year since Vornado became a partner in the skyscraper as a result of the refinancing.”
The 666 Fifth Ave. office tower has been a major money loser for the Kushners for years now, and they have been going around the world looking for investors to help bail them out.
Members of the family earlier this year were caught on camera using their connections to Jared Kushner to entice Chinese investors to put money into Kushner properties, and the family even dangled the possibility of obtaining EB-5 visas in exchange for their investments.