Kushners' Control of Family's NYC Crown Jewel Is Now in Jeopardy
Source: Bloomberg
An ambitious plan by Jared Kushners family to recast its indebted Fifth Avenue office building as a luxury architectural trophy is collapsing, setting off a chain of events that may imperil the Kushners ownership of a property central to their real estate empire.
Their partner, Vornado Realty Trust, is telling brokers to plan for a much more mundane renovation that would leave the property as an office building, according to three people familiar with the matter. Vornado Chairman and Chief Executive Officer Steve Roth was never enthusiastic about the Kushner plan although until now he hadnt stood in its way.
Putting an end to the Kushner effort -- to salvage their overpriced investment by turning it into a Midtown jewel with expensive condos, a hotel and five-floor mall -- could have profound ramifications for the family. Vornado, which owns 49.5 percent of 666 Fifth Ave., is unlikely to invest further in the property without first being reassured of its future, said three people familiar with Roths thinking. That means returning to the negotiating table with lenders -- a battle that could result in Kushner Cos. losing control of the building, said the people, who asked not to be named discussing private deals.
A Kushner Cos. spokesman said nothing has been decided.
Read more: https://www.bloomberg.com/news/articles/2017-10-16/kushner-plan-for-fifth-avenue-tower-is-being-blocked-by-partner
TeamPooka
(24,221 posts)BigmanPigman
(51,584 posts)Can sometimes be a bitch.
LisaM
(27,803 posts)If their taste is anything like the Trumps', their "midtown jewel" would be more like cubic zirconia than anything else.
TxVietVet
(1,905 posts)That's what the collusion is all about. Dirty money.
zentrum
(9,865 posts)Gothmog
(145,130 posts)Me.
(35,454 posts)It's a hideous design and would be just another Kushner albatross
TexasBushwhacker
(20,174 posts)and putting a 1,400 ft skyscraper in its place. I have to say, the current building is so nondescript it just looks like a big parking garage with windows. And then there's this:
"The new building, to include retail and residential space and a hotel, would be completed by 2025 at the earliest, and would face a park, created by razing a block of current buildings.
I'm all for parks, but are there 6 adjacent buildings worry of being razed?
https://en.m.wikipedia.org/wiki/666_Fifth_Avenue
Me.
(35,454 posts)http://thehill.com/blogs/in-the-know/in-the-know/325010-social-media-users-knock-design-for-jared-kushners-nyc
http://www.independent.co.uk/news/world/americas/jared-kushner-company-skyscraper-design-666-fifth-avenue-new-york-manhattan-phallic-middle-finger-a7643776.html
bitterross
(4,066 posts)Aren't those dead now anyway?
BumRushDaShow
(128,869 posts)47of74
(18,470 posts)How appropriate.
keithbvadu2
(36,775 posts)Kaleva
(36,294 posts)Link to tweet
?ref_src=twsrc%5Etfw&ref_url=http%3A%2F%2Fwww.avclub.com%2Farticle%2Fjared-kushner-erecting-huge-dildo-666-5th-ave-252515
DoctorJoJo
(1,134 posts)... to take Larry Flynt up on his $10M offer!
JoJo