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No plan yet on Kushner’s flagship Manhattan tower: Vornado CEO


The building owned by the family of President Donald Trump's son-in-law, Jared Kushner, at 666 Fifth Avenue in New York.

Eric Baradat | AFP | Getty Images

The building owned by the family of President Donald Trump’s son-in-law, Jared Kushner, at 666 Fifth Avenue in New York.

The fate of the flagship Manhattan office tower partially owned by the family of President Donald Trump’s son-in-law, Jared Kushner, is still being debated, a joint owner of the building said on Tuesday.

Kushner Cos, the company that had been overseen by Kushner, said in July it was reassessing how to finance the redevelopment of 666 Fifth Avenue after failed talks with a former Qatari
prime minister.

“We have been internally debating what the business plan is for the asset and that debate continues and so we don’t have an update on that right now,” said Steven Roth, chief executive of Vornado Realty Trust on a conference call with analysts.

Kushner, who is married to Trump’s daughter Ivanka, sold his interests in the realty company to a family trust in January.

Vornado owns a 49.5 percent stake in the office portion of the building, whose overall debt encumbrance was listed at $1.4 billion in a regulatory filing on Monday. Vornado also owns a stretch of the building’s retail frontage on Fifth Avenue.

Roth said the 41-story property built in 1957 was a wonderful asset but he had nothing more to say about the building, which Kushner acquired in 2006 for $1.8 billion, the most ever paid for a New York office tower at the time.

Kushner Cos sold its interests in the building’s retail frontage but still holds a 50.5 percent stake in the office portion.

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