Kushner Companies HQ Is Losing Millions Of Dollars
Graphic by Angelie Zaslavsky
As Kushner Companies plans a top-down renovation of its Manhattan headquarters, the real estate empire is losing tens of millions of dollars each year on the Fifth Avenue property, as vacancy rates remain high and the cost of debt service balloons.
According to the Real Deal, after Citibank left the premises three years ago, the vacancy rate has climbed to around 30 percent, and the cost of the adjustable rate mortgage has doubled over the past five years, losing $10 million in 2015 and apparently even more in 2016.
That puts the pressure on for Kushner Companies to finalize its deal to redevelop the property, originally purchased a decade ago by Jared Kushner, White House senior adviser and son-in-law to President Trump. Plans include expanding the tower by 40 floors, adding an apartment complex, quadrupling the retail space, installing a hotel and changing the address from 666 Fifth Avenue to 660 Fifth Avenue.
Contact Daniel J. Solomon at [email protected] or on Twitter @DanielJSolomon
Why I became the Forward’s Editor-in-Chief
You are surely a friend of the Forward if you’re reading this. And so it’s with excitement and awe — of all that the Forward is, was, and will be — that I introduce myself to you as the Forward’s newest editor-in-chief.
And what a time to step into the leadership of this storied Jewish institution! For 129 years, the Forward has shaped and told the American Jewish story. I’m stepping in at an intense time for Jews the world over. We urgently need the Forward’s courageous, unflinching journalism — not only as a source of reliable information, but to provide inspiration, healing and hope.
Support our mission to tell the Jewish story fully and fairly.
