Not Even The Kushners Can Pay Their Mortgage Right Now

You know things are bad when Donald Trump's in-laws (who are actually sorta profiting off of the coronavirus pandemic) can't even pay their bills these days.

Word on the business beat is that Kushner Companies, the real estate firm founded by Charles Kushner, Jared's father, who handed control over to his son after he was convicted of tax evasion and witness tampering, and served time in federal prison in 2005, has defaulted on the mortgage of its major Times Square property. Unlike most Americans unable to make ends meet right now, the Kushners' - who are supposedly worth over a billion dollars - finance troubles didn't start with the economic fallout from coronavirus - though that may well be what costs them the building.

Kushner Cos., which is once again being run by Charles, has struggled to pay the $200 million mortgage of its commercial property at 229 West 43rd St., the former New York Times building, for months. According to Crain’s New York, the firm was late on payments in November, January, and February, and this month they failed to pay at all.

It's likely due to the fact that the building's 45,000-square-foot renter, the miniature model tourist attraction, Gulliver's Gate, shut down, while another tenant is paying a reduced rent. In addition to the mortgage loan, the Kushners have an $85 mil mezzanine loan with Paramount Group, which indicated that it would take the building over if Kushner Cos. can't pay up. 

And with the whole city now shutting down because of coronavirus, that seems likely to happen.

Of course the main takeaway here is that if the Kushners can't afford their payments, we're all truly screwed.

[Photo via @ivankatrump]