Kushner's Time Square Property Close to foreclosure

[noblepa]

The former New York Times building, owned by the Kushner Companies, on Times Square, in New York, is about to go into foreclosure.

https://www.msn.com/en-us/money/compani ... -ntp-feeds

The article leads me to believe that the property is vastly over-mortgaged, to the tune of several times its current value.

[raison de arizona]

So Kushner Cos has at least $380M in loans out on a building worth $92.5M that is getting foreclosed on? Sounds about right. I notice the lion’s share is... Deutsche Bank AG. What are they, gluttons for punishment? Or money launderers?

[noblepa]

So Kushner Cos has at least $380M in loans out on a building worth $92.5M that is getting foreclosed on? Sounds about right. I notice the lion’s share is... Deutsche Bank AG. What are they, gluttons for punishment? Or money launderers?

They are (or were) just about the only bank doing business in the US that would loan money to the Trump family. I guess that includes the Kushner's, as well.

No wonder Deutsche Bank is washing their hands of the Trump clan. At first I thought that they were getting fed up with their criminal activities, but it appears that they have simply decided that they are a bad credit risk.

[Suranis]

Apparently the truth is a little more complex. Before the 2016 election the DFO asked D Bank for yet another lon and it set off a huge fight inside the company, between those who were entranced by his "greatest Man to walk the earth" persona and the people who actually saw the numbers and saw an over leveraged massive credit black hole.

Of course it could also be said to be between the factions ot the "hi we are criminal money launderers" vs "we are supposed to be a fucking bank not a hose pipe of money for idiots."

Regardless there was a screaming fight in D Bank about whether to lend to him.

https://www.nytimes.com/2019/02/02/busi ... -bank.html

And the hilarious thing is that the DFO sued D Bank in 2008 to avoid paying his loans. I just ran across this in looking for the above article and I said WHAT THE FUCK. This article is from 2008

https://www.cbsnews.com/news/loan-fight ... ald-trump/

Once again, Donald Trump is going toe-to-toe with his banker.

Deutsche Bank, a major backer of Trump's mammoth new condominium/hotel tower in downtown Chicago, is demanding the real estate mogul pay a $40 million personal guarantee connected to a $640 million construction loan the German bank made in 2005. That loan came due Nov. 7 with an outstanding balance of $334 million, according to a lawsuit filed last week in New York state court.

Trump has a long history of playing hard ball with creditors, especially during the economic and commercial real estate downturn of the 1990s. During that span, Trump doggedly reworked and renegotiated terms of lender and creditor agreements in order to keep his real estate and gaming concerns up and running.

The high-profile Chicago project, a 92-story glass tower scheduled for completion this year, is no exception. A few weeks ago, Trump sued Deutsche Bank seeking to excuse a repayment of more than $330 million due Nov. 7 and pushing to extend his firm's construction loan for an unknown period of time.

In his lawsuit, Trump blames the worldwide economic crisis, noting it was an "once-in-a-lifetime credit tsunami." On top of that claim, Trump is also seeking $3 billion in damages from Deutsche for allegedly breaking agreements in the construction and financing of Trump International Hotel and Tower in Chicago. Trump argues the bank's actions has hurt condo sales.

Last week, Deutsche Bank moved to have that case dismissed.

While Trump is more famous than most real estate developers, he is not the only one of them to run into cash flow problems and strained realtions with his lenders.

In fact, commercial real estate delinquencies are on the rise, jumping to 3.1 percent in October from 2.3 percent in September, according to Fitch Ratings.

Meanwhile The Donald's Trump Entertainment, a New Jersey casino concern, is skipping a $53.1 million interest payment to bondholders and lenders. Trump Entertainment is looking to renegotiate terms of its lending agreements.

Trump is non-executive chairman and the largest shareholder of Trump Entertainment which operates three Atlantic City casinos: The Trump Taj Mahal, Trump Plaza and the Trump Marina . The last project is being sold to Coastal Development for $270 million. The closing deadline for that deal has been delayed.

After his casinos twice ran into bankruptcy, Trump was removed from having any operating role in them as part of the deal that brought the company out of Chapter 11 the last time around, according to financial web site Marketwatch.com.

The casino holdings are reportedly separate from his privately-held real estate and other Trump-sanctioned business entities, which includes TV shows, personal appearances and motivational speaking efforts, and even a business blog.

He's also co-authored a book entitled, "Trump: The Art of The Deal".

Considering the amount of renegotiating his empire is doing, The Donald may soon be ready to pen a few new chapters.

Once again, if you are born into money you can live like a sultan even when all you do is lose. A few years ago I had the bank all over my ass to repay a credit card dept of... 300e, and then they robbed me blind in charges when I had a windfall of 12,000. Donny-boy borrows $300 million and he does not have to pay them back a penny. Fuck the world.

[Notaperson]

The article states the building was appraised at $470 million in 2016.

How does a building in Manhattan lose so much of its value in a mere four years?

[Suranis]

Well... the same way Enrons Auditors gave the company a clean bill of health for 10 years. Appraise by whom

[noblepa]

The article states the building was appraised at $470 million in 2016.

How does a building in Manhattan lose so much of its value in a mere four years?

The article doesn't say what the building's occupancy rate was in 2016. Today it is about half full and has recently lost a couple of large tenants.

[raison de arizona]

The article states the building was appraised at $470 million in 2016.

How does a building in Manhattan lose so much of its value in a mere four years?

Trump has a history of greatly inflating the value of his properties for loan purposes, then vastly underestimating them for tax purposes. My guess offhand would be that this is a similar situation.

[Chilidog]

I see Jared's problem.

He is tied into the Time Square.

He needs to invest in the Time Cube

https://en.m.wikipedia.org/wiki/Time_Cube

[Gregg]

The article states the building was appraised at $470 million in 2016.

How does a building in Manhattan lose so much of its value in a mere four years?

The old appraiser worked for Trump, the new one worked for the bank.

[Gregg]

I see Jared's problem.

He is tied into the Time Square.

He needs to invest in the Time Cube

https://en.m.wikipedia.org/wiki/Time_Cube

I always wondered what happened to "Erasmus of America"

[raison de arizona]

I suppose this thread is regarding his property foreclosure, but I hesitate to start another Kushner thread, so here goes. Let me know if'n I should relocate.

Once omnipresent Kushner now MIA from Trump's political pack

(CNN)As Donald Trump plotted his Conservative Political Action Conference appearance last week, and a broader, more-robust plan to return to politics as an omnipresent disruptor, one person was conspicuously absent from the confab.

Jared Kushner, Trump's son-in-law, was notably not on the list of advisers assisting the former President. Kushner, who previously served as chief adviser-cum-micromanager with far-reaching responsibilities and had virtual carte blanche, has tapped out, say several people who worked closely with Kushner at the White House or are familiar with his thinking and told CNN on background in order to maintain relationships.

"Right now, he's just checked out of politics," says one person, echoing the mindset of Kushner's wife, Ivanka Trump, who is so over the political bubble she has told friends and colleagues of late to not utter anything to do with Washington.

Given Trump's election loss and current out-of-power position, Kushner's absence from the aftermath follows a pattern critics have previously pointed out: being present for the wins and MIA from the losses. A person with close ties to Kushner told CNN that Trump's son-in-law is enjoying "some much needed time with his family," and his retreat is unrelated to the ebb and flow of the former President's popularity.

During the administration, Kushner was more than happy to speak on behalf of the moments that turned out well for the White House -- but also conveniently skip the parts embroiled in turmoil.

As far back as 2017, when Trump's health care plan floundered and failed, Kushner and his family were on the slopes of Aspen, Colorado. In 2018, they were vacationing in Florida amid the government shutdown, even though the White House insisted Kushner was actively leading negotiations. And in 2019, when Trump was under fire for multiple issues, from background checks to comments about Jews and Democrats, the couple was having downtime in Wyoming, something even Trump noted with a tweet of a photo of them on vacation: "Two incredible people. I can't believe they're not working (few work harder)!"

A Trump spokeswoman did not provide an on the record response to CNN's request for comment.

It's not clear, however, who is instigating this -- at least for now -- breakup. Some who have been in contact with Kushner place it at the feet of being done with his father-in-law's antics. Sources closer to Trump say he's angry with his son-in-law over the election loss.

That Kushner has now developed anathema to his father-in-law's political appetite is questionable in its timing, an indicator that Kushner again is putting space between his image and Trump's, in the wake of the delusional flow of falsehoods after Election Day and the deadly Trump-incited insurrection at the US Capitol on January 6.

Yet several people told CNN that Kushner is truly -- this time -- effectively done with Trump's rhetoric.

Kushner and Ivanka Trump got out of their posh Washington rental home soon after January 20, the last moving trucks rolling towards their new high-rise, beachside Miami rental departing within 24 hours of President Joe Biden's inauguration. Another person familiar with Kushner's new chapter, says he wants closure and a fresh start, one that doesn't include advising his father-in-law on a daily basis.

Yet two other people who spoke with CNN indicated the schism was instigated by Trump, who has been telling those in his inner circle he is angry with Kushner.

Late last week, when Trump convened what he believes is his strongest political brain trust for a meeting to discuss his political future he did not include Kushner. The group looked at the 2022 midterms and, more and more likely, say people who have spoken to Trump of late, a presidential run in 2024.

https://www.cnn.com/2021/03/04/politics ... index.html

[p0rtia]

I note that MSM, as represented here by CNN, still believes that the words the former speaks out loud have some bearing on what he thinks or believes. Or on the truth.

MSM sucks.

[raison de arizona]

I note that MSM, as represented here by CNN, still believes that the words the former speaks out loud have some bearing on what he thinks or believes. Or on the truth.

I believe that he believes the vast majority of what he says when he says it, and that what he thinks and believes just changes on a dime depending on who spoke to him last. He's sick. In the head.

MSM sucks.

Truth. CNN in particular, IMO.

[p0rtia]

I note that MSM, as represented here by CNN, still believes that the words the former speaks out loud have some bearing on what he thinks or believes. Or on the truth.

I believe that he believes the vast majority of what he says when he says it, and that what he thinks and believes just changes on a dime depending on who spoke to him last. He's sick. In the head.

MSM sucks.

Truth. CNN in particular, IMO.

I enjoy Briana Keiler, and occasionally Jake Tapper, but that's it. Their normalization of insurrection and racism is appalling.

As for the former guy believing what he says, I know your position is a popular one. Would love to hash it out some time, but till then, I'm sticking with lying devil. Which is also a sickness, but a different kind (i.e., one that he could control).

[Uninformed]

I too, also think think he’s a lying asshole who wants his “truth” to be what everybody believes, but he absolutely doesn’t care if you don’t. He just keeps on repeating it.

[Gregg]

Kushner probably told him to piss off, and Trump started telling everyone he fired him.

[p0rtia]

Kushner probably told him to piss off, and Trump started telling everyone he fired him.

Quite possible. My point is that this is just as likely as the other way around, and there is no way to know. Ever. Fortunately the family squabbles of toads don't matter.

[noblepa]

Kushner probably told him to piss off, and Trump started telling everyone he fired him.

Quite possible. My point is that this is just as likely as the other way around, and there is no way to know. Ever. Fortunately the family squabbles of toads don't matter.

That's kind of insulting to toads, don't you think, comparing them to the Trump family?

[Azastan]

That's kind of insulting to toads, don't you think, comparing them to the Trump family?

trumps are the cane toads of toads.

[Lani]

That's kind of insulting to toads, don't you think, comparing them to the Trump family?

trumps are the cane toads of toads.

CANE TOAD SLANDER!!!
(Or Bufo, as we call them in Hawaii.)
When we lived in Oz, son and I took part in cane toad races from time to time. I'm certain that the toads are more fun than the trumps.

[Baidn]

As for the former guy believing what he says, I know your position is a popular one. Would love to hash it out some time, but till then, I'm sticking with lying devil. Which is also a sickness, but a different kind (i.e., one that he could control).

I agree that it's probably not actual mental illness, just a severe lack of integrity. Personally, I think that his petulant childish needs simply override any critical thinking and so he both believes and says whatever will gain him approval and praise in any given moment.

[Azastan]

CANE TOAD SLANDER!!!
(Or Bufo, as we call them in Hawaii.)
When we lived in Oz, son and I took part in cane toad races from time to time. I'm certain that the toads are more fun than the trumps.

It is legal in FL to kill cane toads as they are a non-native, invasive species which produce a toxic secretion which can kill small domestic pets within minutes if the toxin is not flushed from the pet's mouth.

[Tiredretiredlawyer]

As for the former guy believing what he says, I know your position is a popular one. Would love to hash it out some time, but till then, I'm sticking with lying devil. Which is also a sickness, but a different kind (i.e., one that he could control).

I agree that it's probably not actual mental illness, just a severe lack of integrity. Personally, I think that his petulant childish needs simply override any critical thinking and so he both believes and says whatever will gain him approval and praise in any given moment.

Malignant narcissists are lying liars who lie.

[p0rtia]

As for the former guy believing what he says, I know your position is a popular one. Would love to hash it out some time, but till then, I'm sticking with lying devil. Which is also a sickness, but a different kind (i.e., one that he could control).

I agree that it's probably not actual mental illness, just a severe lack of integrity. Personally, I think that his petulant childish needs simply override any critical thinking and so he both believes and says whatever will gain him approval and praise in any given moment.

Malignant narcissists are lying liars who lie.

Indeed they are, and indeed TFG is a malignant narcissist.

In reading over the comments, I suspect that there may be no disagreement at all here. Not only do I consider all abuse and violence (rhetorical or physical) to be illnesses, I'm happy to argue against the notion of free will (if pressed).

The discussion has clarified for me that what I meant to distinguish between was psychosis/delusion illnesses and conscious abusive behavior, epic lying, and cruelty. My position is that TFG is a case of the latter, not the former. He knows exactly what he's doing (in terms of his lying/abuse).