[NYguy]

Originally Posted by streetscaper

The Zaha Hadid design from an article in today's Wall Street Journal

I knew it would be something like this, covering the base, because of her proposal for 425 Park Avenue. Not bad at all, in fact it could be spectacular. Still trying to decide if it needs a spire or not. Also, not sure why that added that green space to the rendering, but 53W53 should be added to the background in the render for extra punch. Also, you can make out the original building, or at least the dimensions of it, so we need the render from the north/south side to get a full picture.




https://therealdeal.com/2017/03/21/k...al-12-billion/

Kushner has even bigger plans for 666 Fifth Avenue — and they total $12B
But Anbang's involvement in project is tenuous

March 21, 2017

Kushner Companies has a whole bag of tricks it’s been keeping secret for its planned conversion of the office tower at 666 Fifth Avenue into a mixed-use luxury destination.

Bloomberg, citing investor documents, reported last week that the redevelopment would be valued at $7.2 billion when completed. But Kushner Companies believes that the number could even hit $12 billion, sources familiar with the plans confirmed to the Wall Street Journal Tuesday. The newspaper also reported that Anbang Insurance’s involvement in the project is far more tenuous than was stated in the Bloomberg report.

The rebuild plan, Kushner Companies confirmed to the Journal, includes tearing out the building’s steel frame and adding an additional 40 floors, a process that could take until 2025 to complete.

Current zoning allows them to build a 1.45 million-square-foot tower as-of-right. The rendering for the plan designed by the late Zaha Hadid reveals a 1,400-foot skyscraper that seems more synonymous with the skylines of oil-rich states in the Middle East and Eastern Europe than contemporary Midtown.

To increase the building’s value and revenue potential, Kushner would devote 11 stories in the tower to a hotel and quadruple the retail space. The residential portion of the building would total 464,000 square feet, and Kushner Companies said they expect condos to sell for around $6,000 a square foot, a fair amount below the average at the other 1,400-foot-tall residential development, 432 Park, where 33 past sales have averaged $7,774 per square foot, according to StreetEasy. (A source told The Real Deal last week, however, that for the math to work under even the $7.2 billion plan, condos at 666 Fifth would have to sell north of $9,000 a square foot.)

Another planned for 666 Fifth is the name itself. Kushner Companies plans to take the opportunity to shed the building’s devil-tinged 666 address for a new one — 660 Fifth Avenue.

If the Kushners went full-tilt with the $12 billion plan, it would leave them with a 20-percent stake in the finished project, the company confirmed to the newspaper. Demolition could start as soon as 2019.

To do all of this, current office tenants would have to be bought out of their leases, $1.15 billion in outstanding debt would need to be refinanced and Vornado Realty Trust, which holds a stake in the building and owns most of the retail space, would need to be bought out. Anbang was reported earlier this month to be in talks with Kushner Companies to provide more than $1 billion in equity to the project. Anbang, however, has denied any such investment plans.

A little more from curbed...


http://ny.curbed.com/2017/3/21/15016...adid-supertall

... if the deal with Anbang doesn’t materialize, Kushner Companies seems to think it could move forward anyway; a spokesperson for the firm told the WSJ that equity could be raised from other investors.

In the event that the building moves forward, its new 1,400-square-foot height would be achieved by taking the structure down to its inner steel core and adding 40 floors.

...Assuming all goes according to plan, the building would be home to ultra-luxury condos (going for as much as $6,000 per square foot), along with a hotel and nearly 500,000 square feet of retail.