Penelope
Diamond Member
- Jul 15, 2014
- 60,260
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5th Ave. NY. No, not the Christian beast, Kushner's beast, do I smell another family bankruptcy coming around the bend. Yes, borrow another 7 billion to raise it into a tower of glass condos, after all, why not, if it sinks, then you can always file for bankruptcy. (I find it very amusing that a Jewish man owns a building numbered 666 that is causing him so much distress)
666 Fifth Ave. for $1.8 billion.
At the time it was the most expensive single building ever sold in the United States. It didn’t make money then. It certainly didn’t make money during the financial crisis. And it doesn’t make money now.
Its travails, from the heady moment of sale through a series of deals to assuage the initial miscalculation, have been the subject of fascination in the New York media. On top of that, for the past year, Kushner Companies has been seeking to assemble more than $7 billion in financing to convert the existing structure into a glass tower of condos, about twice the current height, designed by the late Zaha Hadid. The General Motors Building, about five blocks away, is considered the most valuable building in Manhattan at $3.4 billion. The Kushners’ would cost more than twice that much to build.
This NYC Skyscraper Is a Perfect Illustration of the Trump Administration’s Intractable Conflicts of Interest