Brookfield gains lease on Kushner's landmark New York tower: Reuters

Canada’s Brookfield Asset Management has acquired a 99-year lease on a flagship New York office tower controlled by the family of Jared Kushner, the son-in-law of U.S. President Donald Trump, capping a long saga to refinance the building, Reuters reported. Brookfield said it gained a leasehold on the office portion of 666 Fifth Avenue, a marquee property whose US$1.8 billion sale to Kushner Companies in 2006 was the highest price paid for a New York office building at the time. No financial terms were disclosed. Upgrades and renovation will cost between US$600 million and US$700 million, a source with knowledge of the plans said.

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