Steven Roth, chairman and chief executive of Vornado Realty Trust, has said his company may be selling its 49.5% holding in the 666 Fifth Ave, New York Post first reported late on Friday.
All efforts to breathe new life into the 60-year-old, the flagship property of Kushner family, President Donald Trump’s son-in-law, has now gained a green light.
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In January, Jared Kushner, an adviser to Trump who is married to Trump’s daughter Ivanka, sold his interests to a family trust now led by his father Charles Kushner.
In his annual letter on April 4th to Vornado’s shareholders, Roth wrote, “This is an ongoing, complex, dynamic, and unpredictable situation . . . and it is the rare case when we may be sellers.”
According to Reuters Vornado declined to elaborate on Roth’s letter. “Kushner Cos is in active, ongoing discussions around 666 Fifth Avenue,” spokesman James Yolles said in a statement. The talks are “advanced,” he said.
Two weeks ago Charles Kushner talked with the Chinese Insurance Group, Anbang, to invest in $7.5 billion to redevelop the 1.4 million-square-foot, 39-story office building, adding about 40 floors.
666 Fifth Avenue valued for its proximity to Rockefeller Center, the Museum of Modern Art, and St. Patrick’s Cathedral.