Jared Kushner won’t cash out of Dumbo Heights (or out of much else, for that matter)
Ethics disclosures released by WH Friday show he is keeping interests in Dumbo projects as well as in bulk of Kushner Cos’ NYC real estate portfolio
By Will Parker | April 01, 2017 08:30PM
White House senior adviser Jared Kushner will continue to hold personal stakes, possibly worth more than $150 million, in at least 40 New York City real estate entities, including some connected to Kushner Companies’ Dumbo Heights properties, new White House ethics disclosures show.
Kushner and his partners have spent more than $1 billion acquiring the Dumbo properties from the Jehovah’s Witnesses since 2013.
Ethics disclosures released by the White House Friday reveal that Kushner is not divesting from three Dumbo-linked LLCs. Those entities include “KC Dumbo Hotel, LLC,” likely connected to a planned hotel by hotelier Ian Schrager at one of the Dumbo Heights office conversions. The disclosure, which pegs the value of Kushner’s interest in the LLC at a maximum $5 million, includes an option to buy commercial real estate.
Another LLC Kushner will hold collects office rent in Dumbo, and his interest in that one is worth up to $5 million as well.
Much of Kushner Companies’ Dumbo office space is still in the pipeline, including 733,000 square feet of space at the Watchtower building.