The real-estate company owned by Jared Kushner's family is reportedly dumping its financially troubled flagship skyscraper in New York City

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• The Kusher Companies, the real-estate company owned by Jared Kushner's family, is dumping its stake in its flagship 666 Fifth Avenue building, according to the Wall Street Journal.
• The Kushner Companies bought 666 Fifth Avenue for $1.8 billion in 2007 but struggled with debt payments on the building.
• Real-estate giant Brookfield will take over the 99-year lease from the Kushner Companies.

The Kushner Companies, the real estate empire owned by the family of President Donald Trump's son-in-law Jared Kushner, is close to dumping its stake in the long-troubled 666 Fifth Avenue skyscraper, according to a new report.

The Wall Street Journal reported Friday that Kushner Companies is nearing a deal to offload the 99-year lease on the building to Brookfield Asset Management.

The building was hit with financial trouble soon after the Kushner Companies bought the property for $1.8 billion in 2007. In recent years, the Kushner Companies have been struggling with debt repayments on the building and took on a partnership with Vornado Realty Trust to help pay off the $1.4 billion in total debt.

The Kushner Companies will use the money from Brookfield to buy out Vornado, according to the Journal. Brookfield will also pay the entire 99-year rent up front in order to allow Kushner Companies to deal with the debt, typically 99-year lease structures include an annual ground rent according to the Journal.

Brookfield reportedly agreed to an investment in the building early in the year, but the sale of the 99-year lease is a much larger deal than originally expected. According to the Journal, the sale will ensure that the company is able to repay the debt from the building, but it's not clear if it would net any profit.

Jared Kushner, the president's adviser and husband to Trump's daughter Ivanka, helped run the Kushner Companies at the time of 666 Fifth Avenue's purchase. Kushner's real estate interests were placed in a trust controlled by other members of his family when he joined the White House.

Originally, the Kushner Companies planned to use $7.5 billion in capital from Chinese insurance giant Anbang to remodel the aging tower into a mixed-use retail, condo, and hotel space. The deal eventually fell through.

According to the Journal, Brookfield is expected to invest over $600 million to renovate the building, which sits in Manhattan's Midtown neighborhood.

The Kushner Companies did not immediately return a request for comment.