What Is Kushner Companies' Net Worth? Jared's Real-Estate Firm Reportedly Filed False Paperwork
On Sunday, the Associated Press reported that Jared Kushner's family real estate company allegedly filed false documentation saying it had no rent-regulated tenants in several buildings it owned. In turn, it allowed the firm to vacate and sell the properties for a large profit. Kushner Companies, however, told AP that it outsourced paperwork to a third party company and that it would "never deny any tenant their due-process rights." In light of the news surrounding the family business, though, you might be wondering what the Kushner Companies' net worth is — and how exactly Jared, the president's son-in-law, is still linked to the business.
Kushner Companies is a family owned real estate business which has, according to Bloomberg, a partial stake in over 60 buildings in New York City. While the company's exact net worth is not available, The Guardian reported that in 2017, Kushner Companies did $2.5 billion worth of transactions, which was a record for the business. Moreover, Forbes also reported in December 2016 that the Kushner family — Jared, his brother Josh, and parents Sheryl and Charles — has a net worth of around $1.8 billion — and that half of that is held in real estate.
According to the Associated Press report, Kushner Companies bought three apartments in Queens back in 2015. At the time, many of the tenets in these buildings were reportedly protected by rules that prohibit real estate developers from raising rents in order to encourage tenants to leave their residences.
However, the AP report suggests that, in spite of these rules, Kushner Companies allegedly raised rents in these buildings and forced many tenants out. The company ultimately sold the buildings for $60 million in 2017 — reflecting a near 50 percent profit. Moreover, AP also reported that the company was supposedly able to achieve this feat by allegedly filing false paperwork with the city of New York saying that it had no rent-regulated tenets.
The AP report expounded on these findings, saying that, on a construction permit application for the three buildings in 2015, the company allegedly checked a box affirming that it had no rent-regulated tenets. However, as AP reporter Bernard Condon noted, tax records filed several months later that same year show that Kushner Companies "inherited as many as 94 rent-regulated units from the previous owner."
According to AP, in its full statement, Kushner Companies emphasized that such paperwork is completed by third parties and reviewed by independent counsel. It also added that "if mistakes or violations are identified, corrective action is taken immediately." Moreover, the company asserted that "Kushner would never deny any tenant their due-process rights ... [the company] has renovated thousands of apartments and developments with minimal complaints over the past 30 years."
While Jared, the president's son-in-law and senior adviser, resigned as Chief Executive of Kushner Companies prior to becoming a staff member in the Trump administration, AP noted that he still has a stake in the company and headed the company between 2013 and 2016, when the filing of the false paperwork allegedly took place. However, the report does state that Jared's signature was not on any of the documents referenced; it also added that the White House has not yet responded to a request for comment from Kushner.
Housing advocates condemned Kushner Companies for its alleged actions. Indeed, Aaron Carr, the founder of the Housing Rights Initiative, which examined the construction permits and shared its findings with AP, told the outlet:
It's bare-faced greed. ... The fact that the company was falsifying all these applications with the government shows a sordid attempt to avert accountability and get a rapid return on its investment.
It remains to be seen how the allegations against Kushner Companies will affect the business. New York City Council member Ritchie Torres told the Associated Press that he plans to launch an investigation to look further into the matter.