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2017-12-19 — bloomberg.com

When Kushner Cos. joined Normandy Real Estate Partners to buy a 40-percent stake in two Manhattan office properties three years ago, most reports of the purchase gave Kushner top billing.

"Kushner, Normandy pick up downtown tech haven," declared the New York Post. Forbes estimated Kushner's stake in the buildings at 80-90 Maiden Lane to be $75 million, indicating about one-third of the property.

Early this year, the pair sold half their stake to Meadow Partners in a deal that hasn't been previously reported. The property tours and e-mail exchanges finalizing the transaction involved no Kushner representatives. The reason is simple: The Kushners actually owned less than 2 percent of the buildings.

A public appearance of big stakes, often at odds with a more modest reality, turns out to be typical of the Kushner portfolio, according to a Bloomberg analysis based on loan documents, agency ratings, deeds filed with New York and interviews with eight people familiar with the deals who asked not to be identified discussing private transactions.

Kushner Cos. has a stake in more than 60 buildings in New York City, including Greenwich Village apartments and tony Brooklyn offices. In 60 percent of the properties, the Kushners own less than half of each, the analysis shows. In nearly half, they own less than 20 percent. In some high-profile cases, such as Brooklyn's Watchtower Building, their ownership is in the single digits.

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There's nothing unusual about being a minority partner that manages or develops properties for others. But Kushner Cos. often projects a different image. On its website, for example, the company lists 80 and 90 Maiden Lane as a "key asset" despite its tiny, non-controlling share.

Typical of the Trump-Kushner clan... "would you like a side of reality with your heaping serving of hype? Wait, we're all out of reality..."

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