Kushner Cos. in talks to buy remaining stake in 666 Fifth Ave. property
NEW YORK — The Kushner Cos. is in talks to buy out its partner in a Manhattan skyscraper that has been losing money for years, said a spokeswoman for the family real estate developer.
Christine Taylor said the family firm, once run by President Donald Trump's senior adviser and son-in-law, Jared Kushner, is negotiating with Vornado Realty Trust for its 49.5 percent stake in 666 Fifth Avenue.
The Kushner Cos. had sought billions from abroad to fix up the 1950's-era office tower, at one point reaching out to a Qatari businessman and China's Anbang Insurance Group. The efforts were largely abandoned after critics said the financing raised conflicts-of-interest issues, with Kushner Cos.' former CEO in the White House and helping to shape foreign policy.
Offices in the building are about a third vacant and a $1.2 billion mortgage is coming due early next year. Vornado's CEO last year called the building "overleveraged," meaning it owes too much money.