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[[File:666fifth-front.jpg|thumb|Kushner purchased [[666 Fifth Avenue]] in 2007 for $1.8 billion, the most expensive single property purchase in US history at the time.<ref name="therealdeal.com"/>]]
[[File:666fifth-front.jpg|thumb|Kushner purchased [[666 Fifth Avenue]] in 2007 for $1.8 billion, the most expensive single property purchase in US history at the time.<ref name="therealdeal.com"/>]]
[[File:Times_Square,_NY.jpeg|thumb|In May 2015, Kushner purchased a majority stake of the [[One Times Square|Times Square Building]] for $295 million.<ref name="Globes">Ben-Israel, Adi (May 14, 2015). [http://www.globes.co.il/en/article-africa-israel-sells-times-square-building-for-295m-1001036416 "Africa Israel sells Times Square building for $295m"], ''Globes English''.</ref>]]
[[File:Times_Square,_NY.jpeg|thumb|In May 2015, Kushner purchased a majority stake of the [[One Times Square|Times Square Building]] for $295 million.<ref name="Globes">Ben-Israel, Adi (May 14, 2015). [http://www.globes.co.il/en/article-africa-israel-sells-times-square-building-for-295m-1001036416 "Africa Israel sells Times Square building for $295m"], ''Globes English''.</ref>]]
Kushner is a [[real estate investor]] and has increased the Kushner Companies presence in the New York City real estate market as a principal in his family's real estate company.<ref>{{cite news|title=Kushner Quietly Raising His Stake in Manhattan|url=http://www.nysun.com/new-york/kushner-quietly-raising-his-stake-in-manhattan/37370|accessdate=August 4, 2006|newspaper=[[The New York Sun]]}}</ref> His father, [[Charles Kushner]], was arrested on charges of tax evasion, illegal campaign donations and witness tampering in 2004 and was eventually convicted on all charges.<ref>{{cite web|last=Clarke|first=Katherine|url=http://therealdeal.com/issues_articles/jared-kushner-the-accidental-ceo|title=Jared Kushner, the accidental CEO|publisher=[[The Real Deal (magazine)|The Real Deal]]|date=February 1, 2014|accessdate=June 8, 2014}}</ref>
Kushner is a [[real estate investor]] and has increased the Kushner Companies presence in the New York City real estate market as a principal in his family's real estate company.<ref>{{cite news|title=Kushner Quietly Raising His Stake in Manhattan|url=http://www.nysun.com/new-york/kushner-quietly-raising-his-stake-in-manhattan/37370|accessdate=August 4, 2006|newspaper=[[The New York Sun]]}}</ref> His father, [[Charles Kushner]], was arrested on charges of tax evasion, illegal campaign donations and witness tampering in 2004 and was eventually convicted on all charges (with the help of then prosecutor Chris Christie) <ref>{{cite web|last=Clarke|first=Katherine|url=http://therealdeal.com/issues_articles/jared-kushner-the-accidental-ceo|title=Jared Kushner, the accidental CEO|publisher=[[The Real Deal (magazine)|The Real Deal]]|date=February 1, 2014|accessdate=June 8, 2014}}</ref>


In 2007, Kushner persuaded his father to sell their mid-Atlantic holdings to [[American International Group|AIG]], for $1.9 billion, at the end of the bubble. This deal earned the family a profit of $1 billion.<ref name="nymag2009"/> He assumed the role of CEO of Kushner Properties in 2008.
In 2007, Kushner persuaded his father to sell their mid-Atlantic holdings to [[American International Group|AIG]], for $1.9 billion, at the end of the bubble. This deal earned the family a profit of $1 billion.<ref name="nymag2009"/> He assumed the role of CEO of Kushner Properties in 2008.

Revision as of 00:11, 23 November 2016

Jared Kushner
Kushner in 2008
Born
Jared Corey Kushner

(1981-01-10) January 10, 1981 (age 43)
Livingston, New Jersey, U.S.[1]
EducationHarvard University (BA)
New York University (JD, MBA)
Known forCo-owner of Kushner Companies
Owner of the New York Observer
Spouse
​
(m. 2009)​
Children3
Parent(s)Charles Kushner
Seryl Stadtmauer
RelativesJoshua Kushner (brother)
Murray Kushner (uncle)

Jared Corey Kushner (born January 10, 1981) is an American businessman, investor and political operative. He is principal owner of the real estate holding and development company Kushner Properties and Observer Media, publisher of the weekly New York Observer.

Kushner is the son of American real estate developer Charles Kushner and is married to Ivanka Trump, the daughter of President-elect of the United States Donald Trump.

He was among the senior advisors of Trump's presidential campaign. According to Eric Schmidt, "he actually ran the campaign",[2] while Peter Thiel described him as "effectively the chief operating officer.”[3] He was the architect of Trump's digital media strategy.[4][5]

From 2007 to 2016, he spent at least $7 billion on New York real estate.[6] In 2007, at age 26, he made the most expensive single-building property purchase in US history.[7] In 2011, Kushner brought in Vornado Realty Trust as a 50% equity partner in the ownership of the building.[8]

Early life and education

Kushner is the elder son of Seryl Kushner (née Stadtmauer) and real estate developer Charles Kushner.[9][10] He has a brother, Joshua (also a businessman) and two sisters, Nicole and Dara. He is also a nephew of Murray Kushner, the owner of Kushner Real Estate Group. Kushner Real Estate Group is separate from Kushner Companies, which Murray Kushner started in 2000.[11]

Kushner was raised in an Orthodox Jewish family in New Jersey.[12] He graduated from the Frisch School, a private, coed yeshiva high school in Paramus, New Jersey, and from Harvard College in 2003 with an B.A. in sociology. According to journalist Daniel Golden, Kushner and his brother Joshua were admitted to Harvard after their father had made a $2.5 million donation to the university.[13][14][15][16][16][17][18][19] According to Matthew Yglesias, who was also in the Harvard class of 2003, "There was nothing particularly noteworthy about being the son of a rich donor and also in the bottom third of the class in terms of academic ability," but it was repeated by many news media, and Kushner found it embarassing.[20]

While a student at Harvard, Kushner was a member of the Fly Club and bought and sold buildings in Somerville, Massachusetts, earning a $20 million profit.[21]

In 2007, Kushner graduated from New York University where he earned a J.D. and M.B.A.;[22] his father had previously made a $3 million donation to NYU in 2001.[15] He interned at Manhattan District Attorney Robert Morgenthau's office and Paul, Weiss, Rifkind, Wharton & Garrison LLP.[11][17]

Business career

Real estate

Kushner purchased 666 Fifth Avenue in 2007 for $1.8 billion, the most expensive single property purchase in US history at the time.[7]
In May 2015, Kushner purchased a majority stake of the Times Square Building for $295 million.[23]

Kushner is a real estate investor and has increased the Kushner Companies presence in the New York City real estate market as a principal in his family's real estate company.[24] His father, Charles Kushner, was arrested on charges of tax evasion, illegal campaign donations and witness tampering in 2004 and was eventually convicted on all charges (with the help of then prosecutor Chris Christie) [25]

In 2007, Kushner persuaded his father to sell their mid-Atlantic holdings to AIG, for $1.9 billion, at the end of the bubble. This deal earned the family a profit of $1 billion.[11] He assumed the role of CEO of Kushner Properties in 2008.

At the age of 26, Kushner purchased the office building at 666 Fifth Avenue in 2007, for a then-record price of $1.8 billion, most of it borrowed.[7] The majority of the transaction took place in less than a week. Kushner said: “In New York, you have to act quickly, or else you get left in the dust. We were just blown away by it, and we really wanted to buy it.”[7] However, following the property crash in 2008, the cash flow generated by the property was insufficient to cover its debt service, and the Kushners were forced to sell the retail portion in the building to Stanley Chera for more than $1 billion[26] and bring in Vornado Realty Trust as a 50% equity partner in the ownership of the building.[8]

On August 18, 2014, Kushner acquired a three-building apartment portfolio in Middle River, Maryland for $37.9 million with Aion Partners. In 2013–14, Kushner and his company acquired more than 11,000 units throughout New York, New Jersey and the Baltimore area.[27] In May 2015, he purchased 50.1% of the Times Square Building from Africa Israel Investments Ltd. for $295 million.[23]

Newspaper publishing

At age 25, Kushner purchased the New York Observer, a weekly New York City newspaper, for $10 million,[28] using money he says he earned during his college years by closing deals on residential buildings in Somerville, Massachusetts, with family members providing the backing for his investments.[29]

After purchasing the Observer, Kushner published it in tabloid format.[30] Since then, Kushner has been credited with increasing the Observer's online presence and expanding the Observer Media Group.[31][32] Very young and with no substantial experience in journalism, Jared Kushner could not establish a good relationship with the newspaper's veteran editor, Peter W. Kaplan.[33] “This guy doesn’t know what he doesn’t know,” Kaplan was quoted as saying about Jared Kushner, to colleagues, at the time. [33] As a result of his differences with Jared Kushner, Peter Kaplan departed his position as the newspaper's editor-in-chief; Kaplan was followed by a series of short-lived successors until Kushner hired Elizabeth Spiers in 2011.[34] In December 2011, the New York Post reported that the Observer expected to become profitable for the first time.[35] Elizabeth Spiers left the newspaper in 2012. In January 2013, Kushner hired a new editor-in-chief, Ken Kurson. Kurson had been a consultant to Republican political candidates in New Jersey[34] and one-time member of Rudy Giuliani's unsuccessful 2008 presidential primary campaign.

According to Vanity Fair, under Kushner, the "Observer has lost virtually all of its cultural currency among New York’s elite, but the paper is now profitable and reporting traffic growth ... [it] boasts 6 million unique visitors per month, up from 1.3 million in January 2013".[36] In April 2016, the New York Observer became one of only a handful of newspapers to officially endorse United States presidential candidate Donald Trump in the Republican primary, but the paper ended the campaign period by choosing not to back any presidential candidate at all.[37][38]

Los Angeles Dodgers bid

In February 2012, Kushner put in a bid to acquire the MLB team the Los Angeles Dodgers.[39] He withdrew his bid in March 2012.[40]

Political activity

Donald Trump presidential campaign

From the outset of the presidential campaign of his father-in-law Donald Trump, Kushner was the architect of Trump's digital, online and social media campaigns, enlisting talent from Silicon Valley to run a 100-person social-media team dubbed "Project Alamo".[4] Kushner has also helped as a speechwriter and was tasked with working to establish a plan for Trump's White House transition team should he be elected.[41] He was for a time seen as Trump's de facto campaign manager, succeeding Corey Lewandowski, who was fired in part on Kushner's recommendation in June 2016.[42] He has been intimately involved with campaign strategy, coordinating Trump's visit in late August to Mexico and he was believed to be responsible for the choice of Mike Pence as Trump's running mate.[4][43] Kushner's "sprawling digital fundraising database and social media campaign" has been described as "the locus of his father-in-law’s presidential bid".[44]

According to Eric Schmidt, "he actually ran the campaign and did it with essentially no resources",[45] while Peter Thiel described him as "effectively the chief operating officer.”[46]

On July 5, 2016 Kushner wrote an open letter in the New York Observer addressing the controversy around a tweet from the Trump campaign containing allegedly antisemitic imagery. He was responding to his own paper's editorial by Dana Schwartz criticizing Kushner's involvement with the Trump campaign.[47] In the letter, Kushner wrote, "In my opinion, accusations like “racist” and “anti-Semite” are being thrown around with a carelessness that risks rendering these words meaningless."[48]

Donald Trump presidential transition

During the presidential transition, Kushner was said to be one of Donald Trump's closest advisors, even more so than Trump's four adult children.[49] Trump was reported to have requested the top-secret security clearance for him to attend the Presidential daily intelligence briefings as his staff-level companion, along with General Mike Flynn who already has the clearance.[50]

The Washington Post, New York Times and numerous other national news authorities explain Kushner was an influential factor behind the firing of New Jersey governor Chris Christie as head of the transition team, as well as the dismissal from the Donald Trump transition team of anyone connected to Christie.[51][52] A source familiar with the Trump campaign explained that “Jared doesn’t like Christie. He’s always held [the prosecution of his father, Charles Kushner] against Christie.”[53]

The New York Times reports that Kushner is an admirer of the story The Count of Monte Cristo, which tells of an innocent man who seeks vengeance against people he thinks have wronged him.[33] Kushner's and Chris Christie's lives became intertwined in 2005 when Jared Kushner was 24 years old, the New York Times reports.[33] In 2005, Mr. Christie, then the United States attorney for New Jersey, sent Mr. Kushner’s father, Charles, to federal prison for tax evasion, witness tampering and illegal campaign donations.[33][54] As the Times, CNN[55] and The Washington Post reported, the case involved a tawdry family feud: At one point, Charles Kushner sought to blackmail his brother-in-law, who was cooperating with the federal authorities,[54] by hiring a woman to seduce him and videotape the encounter.[33] The elder Kushner was sentenced to two years in prison, but he was released in 2006 after just 14 months in the federal penitentiary in Alabama and spent the remainder of his sentence in a New Jersey halfway house.[56]

Kushner told Forbes that the rumours that he was involved in Christie's dismissal were false: “The media has speculated on a lot of different things, and since I don’t talk to the press, they go as they go, but I was not behind pushing out him or his people.”[57]

Personal life

Kushner married Ivanka Trump, daughter of businessman and U.S. president-elect Donald Trump, in a Jewish ceremony on October 25, 2009.[58][59] Ivanka Trump converted to Judaism under the auspices of a modern Orthodox rabbi before marrying Kushner. Kushner and Ivanka Trump have three children.[60]

References

  1. ^ "Kushner, Jared Corey" (2016). In Marquis Who's Who (Ed.), Who's Who in America 2016. New Providence, NJ: Marquis Who's Who LLC. Retrieved November 18, 2016 via Credo database.
  2. ^ Exclusive Interview: How Jared Kushner Won Trump The White House Steven Bertoni, Forbes Staff, Nov. 22, 2016
  3. ^ Exclusive Interview: How Jared Kushner Won Trump The White House Steven Bertoni, FORBES Staff, Nov. 22, 2016
  4. ^ a b c Fox, Emily Jane (October 27, 2016). "Was Donald Trump's son-in-law the evil genius all along?", Vanity Fair.
  5. ^ Stokols, Eli (July 15, 2016). "With Pence, Trump plays to win". Politico. Retrieved September 30, 2016.
  6. ^ "Meet Trump's new power behind the throne - his son-in-law. Ivanka's husband Jared Kushner is now a key adviser and helped write latest attack on the Clintons". DailyMail.co.uk. Associated Press. 9 June 2016. Retrieved September 30, 2016.
  7. ^ a b c d Piore, Adam (October 22, 2007). "Behind the record deal for 666 Fifth Avenue". The Real Deal. Korangy Publishing Inc. Retrieved September 30, 2016.
  8. ^ a b Agovino, Theresa (September 13, 2011). "Private equity outfit signs on at 666 Fifth". Crain's New York Business. Retrieved October 21, 2011.
  9. ^ Salkin, Allen (March 11, 2007). "The Education of a Publisher". The New York Times. Retrieved November 29, 2007.
  10. ^ "[Unknown]". New York. Vol. 42. New York: New York Magazine Company. July 20, 2009. p. 24.
  11. ^ a b c Sherman, Gabriel (July 12, 2009). "The Legacy". New York. Retrieved January 3, 2015. {{cite web}}: Italic or bold markup not allowed in: |publisher= (help)
  12. ^ "Citizen Kushner". The New York Times. June 24, 2011. Retrieved January 3, 2015.
  13. ^ Beam, Alex (September 4, 2006). "Harvard's admissions of gilt". The Boston Globe. Retrieved January 7, 2008.
  14. ^ Early, Cormac A. (October 4, 2006). "Harvard, to the Highest Bidder". The Harvard Crimson. Retrieved 2016-01-02.
  15. ^ a b Golden, Daniel (2009). The Price of Admission: How America's Ruling Class Buys Its Way into Elite Colleges--and Who Gets Left Outside the Gates. Crown/Archetype. pp. 45–48. ISBN 978-0-307-49737-6.
  16. ^ a b Widdicombe, Ben; Piazza, Jo; Rovzar, Chris; Newman, Deborah (August 23, 2006). "Gatecrasher. Getting Ahead the Old-School Way?". NY Daily News. Retrieved September 30, 2016.
  17. ^ a b Pillets, Jeff; Riley, Clint (June 16, 2002). "Paying for Power: The Kushner Network", Bergen Record, p. 1.
  18. ^ Golden, Daniel (2009-01-21). The Price of Admission: How America's Ruling Class Buys Its Way into Elite Colleges--and Who Gets Left Outside the Gates. Crown/Archetype. ISBN 9780307497376.
  19. ^ Washington Post, Nov 18, 2016 [1]
  20. ^ [http://www.vox.com/policy-and-politics/2016/11/21/13651942/jared-kushner-donald-trump Why Jared Kushner is Donald Trump's truest heir and most trusted adviser; Two rich bridge-and-tunnel kids out for revenge on a cultural elite that mocked them. Matthew Yglesias, Vox, Nov. 21, 2016
  21. ^ Widdicombe, Lizzie (August 22, 2016). "Ivanka and Jared's Power Play". The New Yorker. Retrieved September 30, 2016.
  22. ^ Seelye, Katharine Q. (July 22, 2006). "Developer's Son Negotiating to Buy New York Observer". The New York Times. Retrieved September 30, 2016.
  23. ^ a b Ben-Israel, Adi (May 14, 2015). "Africa Israel sells Times Square building for $295m", Globes English.
  24. ^ "Kushner Quietly Raising His Stake in Manhattan". The New York Sun. Retrieved August 4, 2006.
  25. ^ Clarke, Katherine (February 1, 2014). "Jared Kushner, the accidental CEO". The Real Deal. Retrieved June 8, 2014.
  26. ^ The Real Deal: "$1.3B sale of 650 Madison hinges on dramatic increase in retail value, sources say" by Adam Pincus June 03, 2013
  27. ^ Kevin Litten (August 18, 2014). "Donald Trump's son-in-law buys 3 Middle River apartment complexes". Bizjournal. Retrieved August 20, 2014.
  28. ^ Seelye, Katharine Q. (July 31, 2006). "Developer’s Son Acquires The New York Observer". The New York Times; retrieved January 8, 2008.
  29. ^ "Kushner Buys NY Observer". The Harvard Crimson. August 4, 2006. Retrieved 2016-01-02.
  30. ^ Teodorczuk, Tom (November 9, 2008). "An accidental proprietor". The Guardian (London); retrieved October 21, 2011.
  31. ^ "We've Got the BetaBeat". New York Observer. March 15, 2011.
  32. ^ Lauria, Peter (June 15, 2009). "Kushner and Observer Media Group Acquire 80 Percent Stake in Barry Diller's Vary Short List". New York Post. Retrieved December 26, 2014.
  33. ^ a b c d e f "The In-Law in the Trump Inner Circle: Jared Kushner's Steadying Hand". The New York Times. Retrieved 2016-11-20.
  34. ^ a b "Jared Kushner's Trump Card". Bloomberg.com. Retrieved 2016-11-16.
  35. ^ Kelly, Keith J. (December 29, 2011). "Turcotte takes a hike at freebie AM New York". New York Post.
  36. ^ Ellison, Sarah (July 7, 2016). "Exclusive: How Jared Kushner became Donald Trump's Mini-Me", Vanity Fair.
  37. ^ "In the Republican Primary: Donald Trump for President". New York Observer. April 12, 2016.
  38. ^ Calderone, Michael (November 2, 2016). "Donald Trump Will Not Get His Son-In-Law's Paper's Endorsement". The Huffington Post.
  39. ^ "Jared Kushner trying to buy LA DodgersNews". New York Daily News. Retrieved October 31, 2012.
  40. ^ "Jared Kushner withdraws from Dodgers bidding". Los Angeles Times. Retrieved October 31, 2012.
  41. ^ Parker, Ashley (May 6, 2016). "Trump Asks Son-in-Law, Jared Kushner, to Plan for Transition Team", The New York Times.
  42. ^ Barbaro, Michael; Mahler, Jonathan (July 4, 2016). "Quiet Fixer in Donald Trump's Campaign: His Son-in-Law, Jared Kushner". The New York Times. Retrieved 5 July 2016.
  43. ^ "Trailing Hillary Clinton, Donald Trump Turns to Political Gymnastics". The New York Times. 1 September 2016.
  44. ^ Green, Joshua (October 27, 2016). "Inside the Trump Bunker, With Days to Go", Bloomberg Business.
  45. ^ Exclusive Interview: How Jared Kushner Won Trump The White House Steven Bertoni, FORBES STAFF, NOV 22, 2016
  46. ^ Exclusive Interview: How Jared Kushner Won Trump The White House Steven Bertoni, FORBES STAFF, NOV 22, 2016
  47. ^ Keneally, Meghan. "Kushner Defends Father-In-Law Donald Trump After Anti-Semitism Claims". ABC News. Retrieved 6 July 2016.
  48. ^ Kushner, Jared. "Jared Kushner: The Donald Trump I Know". ABC News. Retrieved 6 July 2016.
  49. ^ Trump team rivalries spark infighting By Kenneth P. Vogel, Nancy Cook and Alex Isenstadt 11/11/16, Politico
  50. ^ Donald Trump Requests Security Clearance for Son-in-Law Jared Kushner NBC, Politics Nov. 15 2016
  51. ^ "Trump Transition Shake-Up Part of 'Stalinesque Purge' of Christie Loyalists". NBC News.com. November 15, 2016.
  52. ^ "Why Mike Rogers' Departure from the Trump Team Alarming". The Washington Post. November 15, 2016.
  53. ^ "Trump team rivalries spark infighting". POLITICO. Retrieved 2016-11-21.
  54. ^ a b Ignatius, David (2016-11-15). "Why Mike Rogers's departure from the Trump team is alarming". The Washington Post. ISSN 0190-8286. Retrieved 2016-11-21.
  55. ^ CNN, Gregory Krieg. "Kushner vs. Christie: The fight that goes back a decade". CNN. Retrieved 2016-11-21. {{cite web}}: |last= has generic name (help)
  56. ^ "Meet the Kushners: The feuding real estate dynasty that links Trump and Chris Christie". haaretz.com. Retrieved 2016-11-21.
  57. ^ Exclusive Interview: How Jared Kushner Won Trump The White House Steven Bertoni, Forbes Staff, Nov. 22, 2016
  58. ^ "Ivanka Trump Weds Jared Kushner". The New York Times. October 24, 2009.
  59. ^ "Trump Son-In-Law In Bidding For Dodgers", The Beverly Hills Courier, February 7, 2012
  60. ^ "Ivanka Trump Gives Birth to Theodore James Kushner". NBC News. March 28, 2016. Retrieved March 6, 2016.
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