Kushners’ Cadre Startup Benefited From Misleading Rent Filings
By-
uildings were first and only completed sale by Cadre
-
Client money from Goldman Sachs, new funding round, followed
Cadre, the real estate investing startup co-founded by White House senior adviser Jared Kushner, was the primary beneficiary of a property-flipping investment that may have been less profitable if it had fully complied with New York City disclosure rules about rent-regulated tenants.
Cadre owned about 60 percent of three rent-regulated buildings in Queens sold by Kushner Cos. in April 2017. The $59 million price tag was an 80 percent premium over what they paid in January 2015, property records in New York show. It was the first known deal that Cadre, then a fledgling company, took from purchase to sale, and the high rate of return in a short time was touted as a proof-of-concept for its web-based investing platform…
Kushners’ Cadre Startup Benefited From Misleading Rent Filings
