A rendering of 666 Fifth Avenue. Credit: Kushner Companies/Zaha Hadid Architects
As 6sqft previously reported, 666 Fifth Avenue owners Kushner Companies and Vornado Realty Trust have been seeking financing for a new skyscraper planned for the site of the Midtown office tower that Kushner purchased for $1.8 billion in 2007; Chinese company Anbang Insurance Group is said to have been considering a substantial stake in the tower. Though it was reported that the redevelopment could be valued at $7.5 billion, the Wall Street Journal now cites sources who say the value could be as much as $12 billion, and that a reported deal with Anbang may be far from a sure thing. That huge number represents the projected value of what Kushner envisions as a 1,400-foot-tall mixed-use luxury tower with a design provided by the late Zaha Hadid in 2015, nine floors of retail, a hotel and big-ticket luxury condos on its upper floors.
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666 Fifth Avenue, via Vornado
Anbang Insurance Group, the Chinese company who bought the Waldorf Astoria in late 2014 for nearly $2 billion, is now making headlines for another high-profile real estate transaction, this time against a controversial political backdrop. Bloomberg reports that Anbang is considering a stake in Vornado and Kushner Companies’ office tower 666 Fifth Avenue, a deal that Jared Kushner reportedly set into motion before resigning as CEO of his family’s company to serve as a presidential advisor to his father-in-law. If the deal goes through, not only will the Kushners profit some $400 million, but they’ll receive an equity stake in the new partnership, which will refinance $1.5 billion in existing mortgage debt. The deal values the tower at $2.85 billion, and if Anbang’s receives its proposed $4 billion construction loan to turn the top floors into condos, it will be the largest such loan for a single property in NYC history.
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Related Cos. founder Stephen Ross and his Hudson Yards project.
New York-based mega-developer Related Cos. has been instrumental in recent efforts to keep the door open on a controversial program that provides green cards to wealthy investors, reports the Wall Street Journal. Related, the developer behind the $20 billion Hudson Yards project and many other luxury developments, has been instrumental in blocking bipartisan efforts to overhaul a green card program, known as EB-5, that allows permanent legal U.S. residency to immigrants who invest $500,000 or more in certain U.S. businesses.
Hoping for a supportive Trump White House
It seems every major intersection in Gramercy between East 20th and 23rd Streets is being redeveloped these days. Last fall, 6sqft reported that a humble set of walk-up buildings at the southeast corner of East 21st Street and Third Avenue were hitting the chopping block. Since then, a new building application has been filed to construct a 20-story condominium designed by BKSK Architects with Alfa Development at the helm.
A new rendering of the structure, addressed officially as 200 East 21st Street, was published on the project’s EB-5 investors page and shows a two-tiered metal and glass building. There will be 29 one-bedroom units, 24 two-bedrooms, seven three-bedrooms, and three four-bedrooms, for a total of 63 apartments spread across 80,000 square feet. The ground level will host retail spaces and a shortlist of residential amenities includes a 24-hour doorman, concierge, tenants’ storage, a bike room, fitness center, and residents’ lounge.
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