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Kushners seek new plan for flagship NY office after failed Qatar deal

Reuters  |  NEW YORK 

By Herbert Lash

NEW YORK (Reuters) - Cos, the realty company once headed by President Donald Trump's son-in-law, said on Tuesday it is reassessing how to the redevelopment of its flagship New York City after failed talks with a former Qatari prime minister.

Talks that began more than two years ago to invest in 666 Fifth Avenue, located in the heart of Manhattan, with Qatar's Sheikh Hamad bin Jassim al-Thani were "recently terminated," a spokesman, James Yolles, said in a statement to

Cos "is currently reassessing the financing structure of the overall project. The company remains in active discussions with a number of potential investors around the property's redevelopment," Yolles said.

Sheikh Hamad agreed to invest $500 million on condition that the company, recently headed by Jared Kushner, Trump's son-in-and now one of his senior advisers, obtain the rest of a multi-billion-dollar refinancing elsewhere, The Intercept publication reported on Monday.

Jared, who is married to Trump's daughter Ivanka, sold his interests in the company to a family trust in January.

Sheikh Hamad was Qatar's prime minister from 2007 to 2013 and was foreign minister for more than 20 years.

in early June accused of being a "high level" sponsor of terrorism, days after four Arab states cut ties with the Gulf nation over its alleged support of terrorism.

Cos in March said it ended talks with China's Anbang Insurance Group to redevelop the 39-story marquee it bought in 2006 for $1.8 billion, at the time a record for a Manhattan office building.

Talks had centred on Anbang providing as much as half of $2.5 billion in equity in a plan that called for stripping the building down to its steel columns and adding about 40 floors, according to media reports. A $1.2 billion loan used to buy the was later refinanced and comes due in February 2019.

The company also said in March that advanced talks were ongoing with other investors to redevelop the tower, valued for its proximity to St. Patrick's Cathedral and Rockefeller Center.

Cos has a joint venture in the 60-year-old tower with Vornado Realty Trust , a major city owner.

(Reporting by Herbert Lash; Editing by Daniel Bases and Leslie Adler)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, July 12 2017. 03:13 IST