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Kushners Unload 666 Fifth Ave. to Brookfield in 99-Year Lease

Kushners Unload 666 Fifth Ave. to Brookfield in 99-Year Lease

Kushners Unload 666 Fifth Ave. to Brookfield in 99-Year LeaseThe Kushner family’s real estate company has secured a crucial investment in its over-leveraged New York skyscraper, reaching a deal to lease the building’s office space for 99 years to a Canadian asset manager. The arrangement with Brookfield Asset Management Inc. may let Kushner Cos. — run by the family of presidential son-in-law Jared Kushner — salvage its biggest single investment, a marquee tower in midtown Manhattan known simply by its address, 666 Fifth Ave. Terms weren’t disclosed. Rather than pay the rent on an annual basis for the so-called leasehold, Brookfield will give Kushner Cos. an upfront sum that will allow the company to pay off outstanding debt on the building, according to people with knowledge of the matter who asked not to be identified because the details are private.

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