This week, we have a special episode diving deep into the skyscraper that encapsulates our political and financial age: 666 Fifth Avenue. Now known as 660 Fifth Avenue, this tower brings together a dizzying array of characters – from Jared and Charlie Kushner to the former finance minister of Qatar and an imprisoned Chinese mogul – and elements such as cocky scions, insane appraisals, overheated CMBS, hardball pref, media wars, White House wildcards, and so much more. We trace the history of the building from being Jared Kushner's splashy and later disastrous buy to the Brookfield bailout and ultimate redemption. Next, we look at a botched condo buyout in Miami and the opportunities and dangers of that playbook. And finally, we examine how Banco Santander is playing rough with borrowers it inherited from Signature Bank.
Sponsor: This episode is sponsored by Bullpen, a talent shop solely dedicated to the commercial real estate industry. Bullpen can recruit trusted CRE pros at all levels, from analysts to C-suite, and can fill both fractional and full-time positions. The Promote listeners get $1,000 off their first search when you mention who sent you. Check out at bullpenre.com to get started.
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Further reading:
Behind the record deal for 666 Fifth Avenue - TRD
Jared Kushner, a Trump In-Law and Adviser, Chases a Chinese Deal - NYT
Kushners, Trump In-Laws, Weigh $400 Million Deal With Chinese Firm - NYT
Charlie Kushner, Unfiltered- TRD
Deal Gives Kushners Cash Infusion on 666 Fifth Avenue - NYT
660 Reasons to Smile - The Promote
Banco Down to Brawl - The Promote
Florida Supreme Court denies rehearing in condo buyout case- TRD