Jared Kushner is a real estate developer in the United States with an estimated net worth of $800 million.
Jared Kushner is well-known for being married to Ivanka Trump and for his ties to President Donald Trump’s administration. Jared was well-known in the real estate market before the increased media attention following Trump’s election victory.
Early Years:
Jared Corey Kushner was born in Livingston, New Jersey on January 10th, 1981. Charles Kushner, a well-known real estate entrepreneur, is Jared’s father.
Jared was born into a Jewish family and graduated from Harvard University in 1999. According to one journalist, Jared’s father donated $2.5 million before his kid was accepted. Jared Kushner earned a Bachelor of Arts in government from Harvard University in 2003.
In 2007, he graduated from New York University with a dual JD/MBA degree. Kushner reportedly made millions while in college by concluding real estate deals in his spare time.
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New York Observer:
Jared Kushner bought the New York Observer for $10 million in 2006. According to reports, Jared’s father assisted in the deal’s organization as a birthday present.
The ailing New York Observer became profitable again under Kushner’s guidance. It was reported in 2016 that its website has had a nearly 600 percent increase in visitors over the preceding three years.
Jared Kushner left the New York Observer in 2017 to pursue a political career in President Donald Trump’s administration.
Political Career:
When Donald Trump began seriously considering running for office, Jared Kushner’s political career began.
Jared was one of Trump’s most active campaign managers when the campaign was in full throttle.
Trump’s digital presence was very important to Kushner. Kushner was given high-level security clearance after Trump won the election and continues to play a key role in the administration. He was eventually promoted to Senior Advisor to the President.
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Kushner Companies:
The Kushner Companies, Jared’s family firm, owns and operates about $7 billion in real estate holdings around the country.
Jared personally managed the purchase of 666 Fifth Avenue, a mid-sized office building in New York City, in 2007. In order to win the purchase in the face of competition from other investors, he paid an “unconventional” price of $1.8 billion, overspending.
He only put down $50 million in stock, though, and had to borrow the remaining $1.75 billion from lenders.
To keep the building’s loan-to-value ratio (LTV) in control, these lenders asked that Jared quadruple the building’s rent income.
When Jared was 26 years old and had recently taken over the family business, he handled this transaction. Because his father was convicted of tax evasion, witness tampering, and other felonies, he rose to the top of the corporation.
When Charles Kushner was sentenced to federal prison in 2005, Jared took the reins and managed a slew of new ventures, including the acquisition of 666 Fifth Avenue.
The purchase was part of a larger expansion into New York City, and during Jared’s first ten years as CEO, the company spent almost $7 billion on real estate deals.
The building proved to be a huge problem, and Kushner Cos. lost $90 million on its investment during the 2008 real estate meltdown. Jared began selling off ownership holdings in the building with the help of his father.
In 2017, Jared liquidated his own ownership part and assisted in the negotiation of a $1 billion rescue with Brookfield Asset Management a corporation controlled by the Qatari government.
Kushner Cos. was reported to have just purchased an apartment portfolio for $1.15 billion USD in 2019. Kushner Companies’ largest purchase in over a decade was the rental properties.
Cadre:
It was reported in 2020 that Jared Kushner was selling his investment in Cadre, a real estate start-up. The real estate firm specialized in taking advantage of a tax cut that President Trump implemented in 2017.
Because of Jared and Donald’s close friendship, his connection with Cadre drew a lot of attention, with some speculating about a possible conflict of interest. This is most likely one of the reasons Kushner sold his Cadre interest for $25 to $50 million.
Westminster Management Income:
Jared got $1.5 million from Westminster Management, a corporation that owns 20,000 housing units in New York, Maryland, New Jersey, Pennsylvania, and Ohio, between April 2017 and June 2018.
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Beneficiary Trust:
Jared and Ivanka are the beneficiaries of a $740 million real estate and investment business trust, according to their April 2017 financial report. According to a June 2018 filing, the figure was reduced to $710 million.
Relationships:
Jared Kushner married Ivanka Trump in 2009. Ivanka converted to Judaism after the couple married in a Jewish ceremony. They have three children together over the course of their partnership.
Art Collection:
Ivanka and Jared are said to have a $25 million art collection. According to rumours, the couple prefers to buy work from young, emerging artists.
Ivanka Trump Assets:
Ivanka Trump, Jared Kushner’s wife, disclosed $55 million in assets as part of a financial disclosure agreement in 2018.
She also reported a $135 million annual income in 2018. She earned a $2 million severance payout when she departed the Trump Organization after her father’s inauguration.
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Real Estate:
According to a 2018 inquiry by the New York Times, as of 2016, Jared listed $372 million in personally-controlled real estate assets.
Ivanka Trump and Jared Kushner reportedly rented a 7,000-square-foot apartment in Washington, D.C. for $15,000 per month in 2019.
Jared and Ivanka spent $30 million on an undeveloped 1.8-acre block of land on Indian Creek, an ultra-exclusive private island in Miami, in December 2020. Julio Iglesias, a Latin crooner, was the seller.
Julio bought and sold the land in two separate transactions. For decades, he had owned a home on a single plot.
He demolished the mansion and then spent $15.2 million for the next-door property in 2008, resulting in a roughly 2-acre empty ocean-front lot.
Beyonce and Jay-Z, millionaire hedge fund manager Eddie Lampert, NFL coach Don Shula, and supermodel Adriana Lima are among the island’s other residents.
The island is so exclusive and private that visiting is only permitted with written permission from the owner, and even then, getting out of your automobile to go anyplace other than the property to which you were invited is illegal.
For every 40 full-time residents on the island, there are 14 police officers. The island is dubbed the “billionaire bunker” by locals.
