03/24/2017
Kushner Companies has a whole bag of tricks it’s been keeping secret for its planned conversion of the office tower at 666 Fifth Avenue into a mixed-use luxury destination. the redevelopment would be valued at $7.2 billion when completed. But Kushner Companies believes that the number could even hit $12 billion, sources familiar with the plans confirmed to the . The rebuild plan includes tearing out the building’s steel frame and adding an additional 40 floors, a process that could take until 2025 to complete. The rendering for the plan designed by the late #ZahaHadid reveals a 1,400-foot skyscraper that seems more synonymous with the skylines of oil-rich states in the Middle East and Eastern Europe than contemporary #Midtown. The residential portion of the building would total 464,000 square feet, and Kushner Companies said they expect condos to sell for around $6,000 a square foot.(A source told The Real Deal last week, however, that for the math to work under even the $7.2 billion plan, condos at 666 Fifth would have to sell north of $9,000 a square foot.) Another planned for 666 Fifth is the name itself. Kushner Companies plans to take the opportunity to shed the building’s devil-tinged 666 address for a new one — 660 Fifth Avenue.
