By Real Estate NJ
Jared Kushner is preparing to step down as CEO of the Kushner Cos. ahead of an expected role in the White House alongside his father-in-law, President-elect Donald Trump, The New York Times reported.
Kushner, the New Jersey real estate scion, whose firm has offices in Florham Park and Manhattan, is also expected to divest his interest in “substantial assets” as part of several steps to separate himself from his family’s multibillion-dollar businesses, an attorney told the newspaper. The revelation came in a story that explored potential conflicts of interest between Kushner’s business dealings, which have broad ties to foreign money and institutions, and the dealings of a Trump administration that is set to officially begin next week.
Kushner, who is married to Ivanka Trump, has emerged as one of Donald Trump’s most valued advisers and reportedly is playing a key role in the real estate tycoon’s transition to the White House.
Along with scores of assets in New York City and around the country, Kushner Cos. has several high-profile properties in New Jersey. They include Monmouth Mall in Eatontown and Trump Bay Street, a recently opened luxury residential tower in Jersey City, along with planned redevelopment projects in the city’s Journal Square section.
Those sites represent just a small piece of the Kushner real estate empire detailed by The New York Times on Saturday. And the publication explored those assets in the context of acquisitions and partnerships involving what it described as “opaque foreign money.”
Saturday’s story focused largely on Kushner Cos.’ negotiations with Anbang Insurance Group, a Chinese financial giant, which included a meeting at the Anbang-owned Waldorf Astoria just days after Trump was elected in early November. Risa Heller, a spokeswoman for Kushner, told the Times that the talks began roughly six months ago and that some points remain unresolved.
For more, see Saturday’s story by The New York Times.
More New Jersey real estate headlines
Straub appeal of Showboat purchase in court next week (Press of Atlantic City)
Liberty Science Center is creating a science and technology hub called SciTech Scity (Jersey Digs)
Back-alley brawl: Morristown bar sues parking authority, developers over right-of-way (Morristown Green)
