^Location is always key. Interestingly, half the value of that building is for the retail, which the Kushners will keep control of.
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The deal would value the 41-story tower at $2.85 billion, the most ever for a single Manhattan building: $1.6 billion for the office section and $1.25 billion for the retail section.
.....Anbang will pay for most of the building and take out a construction loan of more than $4 billion to convert the property’s higher floors into luxury residential units. The Kushners have agreed to invest $750 million in the retail portion of the building and will end up with a one-fifth stake in a project that the deal document says would be valued at $7.2 billion when completed.
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SL Green bought 11 Madison for over $2 billiion. The GM Building sold for almost $3 billion.
https://www.google.com/amp/ny.curbed...th-avenue-deal
Kushner Companies and Anbang may revive stalled tower at 666 Fifth Avenue
BY TANAY WARERKAR
MARCH 14, 2017
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In 2015, it was reported that Jared Kushner, who was still a part of Kushner Companies at the time (he stepped down earlier this year), was in talks with Steve Roth, the head of Vornado, to restructure the building into a 1,400-foot condo and hotel with a large retail component. According to the New York Post, Roth was not on board with that plan, and the paper is now reporting that the condo tower plan is back on after Anbang’s investment. (Kushner Companies hasn’t confirmed this.)
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In case they stick with Hadid's work....the plan for 425 Park.
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