Kushner Had Plan to Shed Cadre Stake. The Pandemic Upended It

Jared Kushner’s plan to sell his stake in Cadre, the real-estate company he co-founded, sounded good on many levels. The value of the business had grown, and Kushner was cleared to take advantage of a tax break on the deal. He could also blunt the criticisms of ethics watchdogs who saw a clash between his private interests and his public role as a White House adviser. By late February, Cadre was poised to buy him out.

Then Covid-19 took hold. Company executives started cutting costs as real estate prospects dimmed and fresh investments dried up. The deal was shelved....