Chinese firm invests $400 million in building owned by Jared Kushner's family

Traffic passes outside 666 Fifth Avenue in New York.
Daniel Acker | Bloomberg | Getty Images
Traffic passes outside 666 Fifth Avenue in New York.

A deal with Chinese company Anbang Insurance Group has brought in $400 million dollars for the family of President Donald Trump's son-in-law Jared Kushner, according to a report by Bloomberg.

The $4 billion deal for a New York City office building located at 666 Fifth Ave. includes the large cash payout to the Kushner's real estate company Kushner Companies.

Some real estate experts consider the terms of the deal's agreement unusually favorable for the Kushners, according to the Bloomberg report. The Manhattan tower has struggled financially and the family's company retains an equity stake in the partnership. A mortgage owed by the Kushners will also be reduced to a fifth of the current amount, according to documents obtained by Bloomberg.

The deal itself could bring on federal review. When Anbang bought buildings, such as the Waldorf Astoria Hotel, the deal was brought under U.S. federal review. The Chinese government could also review the transaction because of its new efforts to regulate overseas investments and its relationship with the Trump administration.

Kushner Companies declined to share more details of the deal or any other potential investors because the deal is not finalized, according to Bloomberg. Kushner also sold his ownership stake in 666 Fifth to avoid any conflicts of interest, according to a company spokesman.

As noted in the report, a White House spokeswoman said Kushner plans to "recuse himself where impartiality could be reasonably questioned."

You can read more about the deal on Bloomberg's website.

Watch: Kushner chasing China deal