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Old Posted Aug 1, 2017, 11:33 PM
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Location: New Jersey - Somerset County
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Can anyone spare a billion? Here are five trophy buildings that could have sold in early 2017 — but didn’t


666 Fifth Avenue

For a few glorious weeks, it looked like one of the most ambitious real estate projects in years was really going to happen. On March 13, Bloomberg reported that Anbang Insurance Group had agreed to pay $400 million for a stake in Kushner Companies’ office building 666 Fifth Avenue. The partners would borrow $4 billion and build a 1,400-foot-tall condo tower with a vertical mall. But barely two weeks later, Anbang had backed out. According to a recent report, Anbang’s departure also killed a $500 million investment from Qatar’s sovereign wealth fund, which had been contingent on Kushner finding other investors.

According to sources, Kushner Companies is still trying to raise money and is confident that a deal will get done. Tenants whose leases are up are offered short-term renewal deals, according to a source, with an eye on emptying out the tower for development. But brokers and investors, including those who were pitched on the project, are skeptical. They question whether now is a good time to bet on luxury condos and high-street retail, with both markets struggling.