Posted Apr 9, 2018, 9:52 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,918
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https://www.nytimes.com/2018/04/09/n...ice-tower.html
By CHARLES V. BAGLI
APRIL 9, 2018
Quote:
In an interview on Monday in his office on the 15th floor of the building, Charles Kushner declined to share details. “We’re finalizing a contract, which we’re negotiating now,” he said.
Mr. Kushner acknowledged that he had abandoned plans to demolish the existing aluminum-clad office tower to make way for an 80-story, ultraluxury skyscraper designed by the architect Zaha Hadid. The tower was to include a lush retail mall, a high-end hotel and the pricey apartments, at a prime location in the city.
That will not be built, he said on Monday. “It’s definitely not a knockdown,” Mr. Kushner said. “It’s definitely not the original plan.”
So what is going to happen?
“We don’t know what we’re going to do,” he said. “We’re weighing our options.”
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Quote:
According to real estate executives who have spoken to the developer but who requested anonymity for fear of becoming embroiled in a dispute potentially involving Mr. Trump, Mr. Kushner plans to upgrade the office space at the base of the building and is considering converting the top floors into condominiums.
But, anything Mr. Kushner does at 666 Fifth — renovate and sign new leases for the office space, create condominiums or some combination of the two — could cost hundreds of millions of dollars, at a time when most analysts say the building may not be worth as much as its mortgage.
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