NEW YORK | 666 5th Ave. | 1,400 FT | FLOORS

[C.]

Very interesting anonymous comment:

Not only is their equity wiped out, a loan default could potentially wipe out the Kushner's family fortune entirely. In the event of default (loan matures Feb 2019), the lenders already have the deed in escrow to take possession of the asset. Back in 2009 when I was a Jr. Analyst researching CMBS tranches, this loan was the worst performer of its pool by a mile. If they hadn't condo'ed, sold the retail portion of the building to pay down principle, and partnered with Steve Roth (I'm sure at at a massive discount to purchase price of the asset), they would have defaulted years ago.

Here's a great article explaining the dire nature of the building. A little long, but great reade's a great article explaining the dire nature of the building. A little long, but great read if you have time:

www.bloomberg.com/graphics/...