Kushner Companies, the real estate powerhouse that owns properties throughout the New York metro area, has been planning to remake its Fifth Avenue headquarters for some time. But according to the latest reports, the renovations could be far more ambitious than previously thought, adding extra floors and a hotel to the office tower.
Under the confirmed plans, the Fifth Avenue building would be expanded by 40 floors, adding hundreds of thousands more square feet of retail space, room for a full-scale hotel and an apartment complex with condos selling for around $6,000 per square foot. Expected to take place over the next eight years, the project would make the Kushner property the second-tallest building in New York City behind the Freedom Tower in the World Trade Center. Kushner Companies is also planning to change the building’s address from “666,” which some see as a symbol of the devil, to “660.”
Jared Kushner purchased the property a decade ago when he was in charge of Kushner Companies. Now a senior White House adviser, Kushner has left the business and sold off his stake in the building to a family trust in order to avoid conflicts of interest. Concerns about such a conflict of interest were raised when it was revealed that the Anbang Insurance Company, a Chinese state-owned enterprise, would have a hand in the deal.