Trump Son-in-Law Strives to Hold On to Building

NNN Lease Market News
Jared Kushner, the real-estate scion and Donald Trump's son-in-law, plunged into the New York market at the top of the boom, paying $1.8 billion for a Fifth Avenue office and retail tower, the highest price ever for a single building at the time.
New to the New York office market, Mr. Kushner, then 26, took the lead in buying 666 Fifth Ave., at 52nd Street, from landlord Tishman Speyer. The price—paid for with $1.75 billion in debt and $50 million in equity and $100 million in reserves from the Kushner family and family business partner George Gellert—assumed that a string of below-market expiring office leases would be replaced with companies paying far higher prices, according to loan documents. They also planned to sell a stake in the retail portion of the building and paid off junior debt.http://online.wsj.com/article/SB10001424052748703461504576231132984824372.html
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