Earlier this month, Bloomberg profiled the potential multi-billion-dollar deal between Kushner Companies and Anbang Insurance Group regarding the 41-story, 1,500,000-square-foot office building at 666 Fifth Avenue, located between West 52nd and 53rd streets in Midtown. The 483-foot-tall tower is owned by Kushner Properties, where Jared Kushner served as chief executive officer until he resigned to take on the position of Senior Advisor to his father-in-law, President Donald J. Trump. Vornado Realty Trust Inc. also owns part of the building.
The Wall Street Journal has since confirmed that Kushner Cos. “is in advanced talks” with Anbang to deliver $2.5 billion in equity for a redevelopment project that would transform the boxy building into a 1,400-foot-tall mixed-use tower. Anbang made it clear, following the Bloomberg report, that it has not made any commitments regarding 666 Fifth Avenue so far.
The project, which would rebrand the property as 660 Fifth Avenue, would include 464,000 square feet of residential space for condominiums, an 11-story hotel, and retail space across the first nine floors. The existing building would be stripped to its steel frame and then expanded by 40 stories.
Before any redevelopment can take place, Kushner would have to buy out Vornado’s ownership, existing tenants in the building, and refinance existing debt. If those deals are carried out by the end of 2017, demolition work could begin in late 2019. Completion would follow in 2025. Zaha Hadid Architects is responsible for the initial design.