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Old April 7th, 2017, 11:47 PM   #141
aviator112
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Another nice potential addition to the NYC skyline!
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Old April 8th, 2017, 09:40 PM   #142
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Per the NY Post, this may remain a troubled project for a while, as it appears Vornado is looking to sell it's 49.5% stake:

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Vornado Realty Trust Chairman Steve Roth has for the first time publicly admitted his company may be selling its holding in the Kushner family’s 666 Fifth Ave.

The Kushners are looking to redevelop the office building into a 1,400-foot tall retail, hotel and residential tower while Roth prefers it to remain as is.

“This is an ongoing, complex, dynamic, and unpredictable situation . . . and it is the rare case when we may be sellers,” Roth said in his annual letter to shareholders.

Additionally, in a phrase that reflects a sale is likely to occur, Roth said, “We have excluded 666 Fifth Avenue office from our leasing metrics.”

Vornado owns a 49.5 percent stake in the current 1.4 million-square-foot building controlled by the Kushner Companies, now led by Charles Kushner. His son, Jared, had been leading the company’s leasing and investment efforts until he was named a special assistant to President Trump, his father in-law.

Talks by Kushner with the Chinese conglomerate, Anbang, to invest in the new, $7.5 billion redevelopment were criticized. As The Post first reported, the developer and Anbang parted company over the perception of ethical issues.

A spokesman said the Kushner family company “remains in active, advanced negotiations around 666 Fifth Ave. with a number of potential investors.”
Can't say I blame them. Given Jared Kushner's role as a senior advisor in the Trump administration (and as a presumed linchpin of FBI and Congressional investigations), his failure to meaningfully divest from his company puts all of the Kushner Company's partners at risk.

I'd honestly be pretty stunned if this got off the ground while Kushner is involved. But hey, cash is king, and there are probably investors out there who see those crazy valuations and aren't afraid of venturing into that minefield.
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Old April 8th, 2017, 11:56 PM   #143
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It was always the plan for Virnado to leave. Virnado opposed the redevelopment plan.

Kushner will easily find investors. This will be the marquis development in NY.
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Old April 9th, 2017, 12:55 AM   #144
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Wasn´t there any other number?
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Old April 9th, 2017, 06:07 PM   #145
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Quote:
Originally Posted by CharlesSwann View Post
It was always the plan for Virnado to leave. Virnado opposed the redevelopment plan.

Kushner will easily find investors. This will be the marquis development in NY.

The "marquis development"? Will this guy be involved?

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Old April 9th, 2017, 10:06 PM   #146
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this won't happen in the next 3 years so long as Kushner is involved with the Trump Administration. The obsession of the media to put the administration in a bad light (whether it is deserved or not) will deter most investors from thinking of a partnership with Kushner's company on such a high-profile project. More notably, foreign investors.
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Old April 9th, 2017, 10:22 PM   #147
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I think that it will definitely happen within the next three years. I can see a major developer like Related or Hines taking over.
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Old April 9th, 2017, 10:39 PM   #148
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Wasn´t there any other number?
They should play it up...have gargoyles, snakes and pitchforks as part of the facade.
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Old June 21st, 2017, 09:20 AM   #149
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This project will likely be held off for a while, given Jared Kushner's involvement with the Trump-Russia Scandal and the imminent failure of his One Journal Square project in Jersey City.
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Old June 26th, 2017, 03:34 AM   #150
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Hopefully, Trump Derangement Syndrome will subside so projects like this can move forward.
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Old June 26th, 2017, 04:58 AM   #151
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It will probably just get a reclad and some luxury renovations inside. It would be nice to see it converted to residential as this neighborhood needs more mixed use development, not just offices.
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Old July 20th, 2017, 11:48 AM   #152
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Any updates on this proposal?
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Old July 21st, 2017, 02:36 AM   #153
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Quote:
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It will probably just get a reclad and some luxury renovations inside. It would be nice to see it converted to residential as this neighborhood needs more mixed use development, not just offices.
The only part of this building that would really benefit from a reclad is the lower couple of floors. The rest of the building is a very nice example of mid-20th century International Style architecture. The facade is simple yet classy, and looks great as is.
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Old July 21st, 2017, 02:41 AM   #154
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Agreed. Recladding this entirely in yet more boring glass would be a loss for architectural diversity.
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