Real Estate Firm To Sell Stake In Kushner's Midtown Tower: Report

MIDTOWN MANHATTAN, NY — One of the biggest backers of the beleaguered, Kushner-owned office tower 666 Fifth Avenue is selling its large stake in the building, according to multiple reports.

Vornado Realty Trust is planning to unload its entire 49.5 percent stake in the office tower located on Fifth Avenue between West 52nd and 53rd streets, the Real Deal first reported. The 41-story office building became the flagship property of Kushner Companies when the firm purchased it for $1.8 billion in 2007.

Vornado's CEO Steve Roth had hinted at the trust's possible selloff last year, but made the move official this week in an annual report filed with the Securities and Exchange Commission the Real Deal reported. The Fifth Avenue office building was moved from "New York assets" to "other" in the filings, according to the report.

The office tower has proved to be a bit of a letdown for Kushner Companies, which had plans to redeveloping the building into the firm's crowned jewel. The real estate firm has run into problems trying to secure financing for the redevelopment project.

Former chief executive of Kushner Companies Jared Kusher — now a White House adviser for father-in-law Donald Trump — was even questioned about meeting with Russian bankers to secure a loan for the project.

Members of a Senate committee asked Kushner about a meeting with Sergey Gorkov, the chief of Russian state-controlled bank Vnesheconombank, the Times reported in 2017. Investigators questioned Kushner if he discussed securing financing for any buildings owned by Kushner Companies — including 666 Fifth Avenue.

China's Anbang Insurance Group also backed out of a reported $4 billion development deal with Kushner Companies for 666 Fifth Avenue in 2017, the Associated Press reported.

Read the Real Deal's full article here.

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