At Kushners’ Flagship Building, Mounting Debt and a Foundered Deal
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The Kushner Companies’ flagship property, 666 Fifth Avenue in Manhattan. After years of financial issues, the value of the office space is worth less than the mortgage, according to an analyst.CreditKarsten Moran for The New York Times
The Fifth Avenue skyscraper was supposed to be the Kushner Companies’ flagship in the heart of Manhattan — a record-setting $1.8 billion souvenir proclaiming that the New Jersey developers Charles Kushner and his son Jared were playing in the big leagues.
And while it has been a visible symbol of their status, it has also been a financial headache almost from the start. On Wednesday, the Kushners announced that talks had broken off with a Chinese financial conglomerate for a deal worth billions to redevelop the 41-story tower, at 666 Fifth Avenue, into a flashy 80-story ultraluxury skyscraper comprising a chic retail mall, a hotel and high-priced condominiums…
At Kushners’ Flagship Building, Mounting Debt and a Foundered Deal
