Kushner Companies offloads troubled 666 Fifth Avenue flagship
August 3, 2018: 4:20 PM ET
The Kushner Companies has finally struck a deal to get the building that was supposed to be the centerpiece of its portfolio, but instead had weighed it down for years, off its hands.
Brookfield Properties announced Friday afternoon that it has acquired a 100% leasehold interest in the building, a 1.5 million square foot property at 666 Fifth Avenue in Manhattan, for 99 years through one of its funds. The financial terms of the agreement were not disclosed.
The Kushners bought the Fifth Avenue skyscraper for $1.8 billion in 2007. It was supposed to have been the crown jewel of their real estate empire, and Jared Kushner played a prominent role in the deal.
The building carries more than $1 billion in debt, the bulk of which comes due in February 2019.
"666 5th Avenue" = 119 (English Ordinal)
"666 5th Avenue" = 56 (Full Reduction)
"Star of David" = 119 (English Ordinal)
"All seeing eye" = 119 (English Ordinal)119/56
"Tribe of Judah" = 119 (English Ordinal)119/56
"nine one one" = 56 (Full Reduction)