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Old Posted Mar 14, 2017, 3:52 PM
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Kushner’s $2.9B condo deal with Chinese insurer moves forward

By Lois Weiss
March 13, 2017

The $2.85 billion deal made by Kushner with the Chinese insurance giant Anbang to recapitalize 666 Fifth Ave. will allow the family company to reconfigure it into a 1,400-foot-tall luxury condominium building over a larger retail component — a plan that had been opposed by current partner, Steve Roth of Vornado, who is being bought out.

As The Post reported in 2015, Jared Kushner, President Trump’s son-in-law and senior adviser, had hired Pritzker Prize-winning architect Zaha Hadid to prepare the scheme.

The architect passed away suddenly last year, and while her firm continues, it is unclear if her plan would move forward or if another architect would be hired, or if a hotel is still planned as part of the new project.

In 2015, sources said Roth was seething about the idea of taking “a perfectly good performing office building” and making it vacant while renovations took place. Additionally, Roth knew the risks of developing into a declining luxury residential condominium market.
NEW YORK heals.

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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