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.
Find out more about the possibly maybe very big deal
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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As 6sqft previously reported, Ms. Trump and husband Jared Kushner, now senior adviser to President Donald Trump, first listed their apartment at 502 Park Avenue for $4.1 million in December; Ivanka purchased the home for $1.52 million in 2004. The classic and somewhat girly Park Avenue pad with Tiffany-box blue walls has also been on the rental market, first at $15K and, as Mansion Global reports, just reduced to $13,000 a month. Ivanka also owns one of the building’s penthouses–it’s the Trump/Kushner family’s main home when they’re in town– that she bought for $16 million nearly six years ago.
Tour the classic uptown condo
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
In just 11 more days, Donald Trump will take office as the 45th President of the United States. And just as Trump is gearing up for his four-year term, his son-in-law Jared Kushner and daughter Ivanka Trump are preparing to take on major roles as well. Last week it was revealed that the pair would be moving into a six-bedroom, $5.5 million mansion in D.C., and now the New York Times reports that Kushner will step down as CEO of Kushner Companies as he transitions from real estate mogul to full-time presidential advisor.
It looks like America’s next first daughter—and quasi-first lady—is looking to slim down her real estate holdings. As Luxury Listings NYC first reports, Ivanka Trump has just listed her apartment at 502 Park Avenue for $4.1 million. The somewhat bland spread hosts two bedrooms and two baths and is outfitted in a palette of cream and powdery blue hues. Although one might think the sale has something to do with her father‘s recent presidential victory—as not even two weeks ago, CNN reported that she and husband Jared Kusher were house hunting in Washington D.C.—Ivanka, in fact, also owns one the building’s penthouses, which she bought for $16 million nearly six years ago. It’s also been no secret that the Trump/Kushner brood has been mulling a move into the Puck Penthouses, one of Jared’s beautiful ultra-luxe developments.
have a closer look inside
When Charles Kushner founded real estate development firm Kushner Companies in 1985, he may have had visions of his son Jared taking over the company (which he did in 2007), but he never could have predicted the role his kin would have in one of the country’s most contentious presidential elections. Because of his political involvement, many have speculated what will come of the company, but Jared shows no signs of slowing down. In fact, the Post reports today that the firm plans to lend $1 billion over the next five years–or $200 million annually–to other developers’ projects through Kushner Companies’ new lending arm, Kushner Credit Opportunity Fund, which was launched earlier this year.
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Image Kushner Co./LIVWRK
Our newest president’s right hand man got his start—much like Donald Trump—as a New York real estate developer. Kushner Companies is a private family real estate company now run by Jared Kushner, husband of Ivanka Trump and son of Charles Kushner, who founded the firm in 1985. Kushner, as Donald Trump’s son-in-law, was an early partner in his presidential campaign, ultimately serving as a chief advisor. Now that President-Elect Trump has won the White House, the future of Kushner Companies might be up in the air, given Jared’s possible involvement in the new administration. But under him, the firm has evolved from a New Jersey-focused development company to a major New York powerhouse that’s taken on ambitious, high-profile projects across the city.
LEARN ABOUT KUSHNER’S RISE HERE…
It was pretty big news back in June when Penthouse IV at the landmarked Puck Building sold for $28 million, netting real estate tycoon Jared Kushner a pretty penny. It was the second largest out of the six units in the penthouse-only building. As we reported then, there were four others that were yet to be listed, and they were expected to sell for between $21 and $60 million.
Well, it looks like we weren’t too far off the mark, as two additional penthouses at 295 Lafayette Street have now listed for a combined $57 million. PHII, is a three-bedroom, five-bathroom home, with 5,222 square feet of interior space and 800 square feet of outdoor space, listed for $35.1 million; and PHVI, the smallest of the “limited edition” penthouses at 4,895 square feet, is on the market for $22 million (it originally went up for sale in January for $21 million).
More details and floor plans ahead
- Is Jared Kushner plotting to turn 20 apartments into one giant West Village mansion? [Curbed]
- ACE Hotel is indeed coming to Downtown Brooklyn. Permits were just filed for a site along Bond Street. [Brownstoner]
- Harlem rents are up and a landlord is looking to rent a penthouse at 1080 Amsterdam Ave. for $10,500 a month. [NYDN]
- The city’s Industrial Development Agency, an offshoot of the Economic Development Corporation, will vote on $170M tax break for Tishman Speyer’s $3.2 billion Hudson Yards office-and-retail tower. [Capital NY]
- Cities and real estate developers are all peddling bike lanes. [Treehugger]
Images: Ace Hotel in Manhattan (left); Harlem penthouse (right)