Posted Apr 4, 2017, 12:59 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,899
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Cuozzo wants to know about the pricetag...
http://nypost.com/2017/04/03/what-ex...e-reinvention/
What exactly is going on with Kushner Companies’ 5th Ave. ‘reinvention’?
By Steve Cuozzo
April 3, 2017
Quote:
We have no idea whether Kushner Companies’ plan to “reinvent” 666 Fifth Ave. as a 1,400-foot-tall tower of luxury condos, a hotel and top-end retail will ever get built. My colleague Lois Weiss first reported last week that Kushner’s prospective partner, China’s Anbang, had declined to go ahead with a deal. A Kushner rep told the New York Times Monday that the company still expected to line up $2.5 billion in equity from other sources.
One reported number is especially baffling: a $4.1 billion construction loan supposedly needed to realize late architect Zaha Hadid’s design. For a very tall but skinny tower that will have floor plates of just 10,000 square feet for most of its height?
SL Green needed only a $1.5 billion construction loan for One Vanderbilt, the highly sophisticated office tower it’s building next to Grand Central Terminal that’s 100 feet taller than a new 666 Fifth would be.
None of the World Trade Center office towers required a construction loan of more than $3 billion on sites much more complex than 666 Fifth.
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