Kushner Companies has reportedly agreed to the purchase of the rest of 666 Fifth Avenue from Vornado Realty Trust for $120 million. Vornado will receive $58 million from the sale, although Steven Roth has said that the deal is conditional and would close in Q3 2018. Kushner Companies acquired the building for $1.8 billion in what was one of the most expensive office tower transactions ever. In March 2017 Zaha Hadid Architects and Kushner Companies announced plans to build a $12 billion, 1,400 SF skyscraper which would feature retail, residential and hotel space. When the project was scrapped Kushner Companies turned too Qatar in an unsuccessful attempt to secure funding from the sovereign wealth fund. The failed projects and mounting debt led to Vornado Realty Trust to look to sell their stake in the building. When the sale closes, Kushner Companies is expected to sign a management deal with Brookfield, who will handle leasing and operating.
Photos via Max Touhey