Qatar hosts one of America’s largest and most strategically important air bases in the Middle East. Any development that pushes Doha away from Riyadh pulls it toward Tehran. Thus, Secretary of State Rex Tillerson — and virtually every other arm of the U.S. government — scrambled to nip the blockade in the bud.
…It’s worth noting that the project the Qatari foreign minister refused to finance wasn’t just one more item in the Kushner family’s portfolio; it was Jared’s baby — his misbegotten, sickly, drowning baby.
In 2007, Jared Kushner decided that the real-estate market had nowhere to go but up. And so the 26-year-old mogul decided to plow $500 million of his family’s money — and $1.3 billion in borrowed capital — into purchasing 666 Fifth Avenue for twice the price it had previously sold for. Even if we’d somehow avoided a global financial crisis, this would have been a bad bet: Before the crash, when the building was almost fully occupied, it generated only about two-thirds of the revenue the Kushners needed to keep up with their debt payments.
…The office space that the Kushners retained is worth less than its $1.2 billion mortgage — which is due early in 2019. If their company can’t find some new scheme for refinancing and redeveloping the property by then, Kushner will have cost his family a fortune.
…Maybe all of this looks worse than it is. But it looks like the president’s son-in-law worked to sour relations with a key U.S. ally in the Middle East — which has since drifted further into the orbit of a regime hostile to the United States — because it refused to bail out his family’s underwater real-estate investment.