Kushner Negotiates to Buy Out Vornado at 666 Fifth Ave

Kushner Companies is reportedly in talks to buy out its partners in 666 Fifth Ave., a 41-story, landmark office building in Midtown Manhattan, according to U.S. News and World Report.

Vornado Realty Trust indicated earlier this month that it planned to sell its 49% stake in the troubled office building. Kushner acquired the building for $1.8 billion in 2006. At the time, that was the highest price ever paid for a New York office tower.

The 1.4-million-square-foot tower suffered from vacant space in the years just after the Great Recession. Kushner later refinanced $1.215 billion in debt. The debt has since grown to $1.448 billion that comes due in February 2019.

Vornado acquired its minority stake in 2011, when it helped recapitalize the tower with $70 million. A year later, it bought retail space for $707.8 million

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