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  #121  
Old Posted Apr 3, 2017, 11:24 PM
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Excuse my ignorance, but what makes Kushner so confident in securing financing when Extell is having trouble getting it for CPT which is already under construction and has at least one guaranteed tenant (Nordstrom)?
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  #122  
Old Posted Apr 3, 2017, 11:45 PM
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If only this was the design for CPT.
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  #123  
Old Posted Apr 4, 2017, 1:14 AM
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Originally Posted by antinimby View Post
If only this was the design for CPT.
If this had been an option then, I wonder if Nordstrom would have chosen this prime location. We're talking a half million sq ft of retail at the base.






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Originally Posted by gramsjdg View Post
Excuse my ignorance, but what makes Kushner so confident in securing financing when Extell is having trouble getting it for CPT which is already under construction and has at least one guaranteed tenant (Nordstrom)?
Most likely the type of talks they are having, which is different from what Extell is seeking. Kushner is seeking a partner in the building and development (they will eventually only have about a 20% stake in the project) while Extell is seeking a construction loan. The buyers are out there for Manhattan buildings.



http://www.reuters.com/article/us-us...-idUSKBN16S2SF

China's HNA to buy New York office tower for $2.2 billion: source

Mar 22, 2017

Quote:
China's HNA Group has agreed to purchase a marquee Manhattan office building for $2.21 billion in a deal that showcases the role of Chinese capital in New York's heady commercial real estate market.



https://therealdeal.com/2016/09/19/p...nese-investor/

Chinese institutional investors are still betting big on NYC real estate -- but they’re setting their own rules

September 19, 2016

Quote:
...Faced with a fraught economic environment back home, the Chinese just want to rest easy, it’s said, and their pillows of choice are trophy buildings.

While that’s still true when it comes to their investments in many parts of the U.S., the situation in Manhattan is now quite different: The Chinese are increasingly taking on luxury ground-up development projects, some of the most complex and risky bets in this town. And they’re doing it on their own terms.

Just look at SMI USA. The U.S. arm of Shanghai Municipal Investment, which is Shanghai’s largest state-owned enterprise, has made three massive bets in the city over the past year: It partnered with Ceruzzi Properties to buy a development site at 520 Fifth Avenue for $325 million, and then teamed up again with them to buy the land under the Lipstick Building for $453 million. It also bought a $300 million equity stake in Gary Barnett’s Central Park Tower development. The Lipstick deal is a somewhat traditional long-term, cash-flow deal. The other two are anything but.

At 520 Fifth, SMI plans to develop a $1 billion luxury condo project, likely with retail and a hotel component.

....Kuafu Properties, which is backed by Chinese money, has spent over $750 million on a handful of properties, many of them development sites. At Hudson Rise, its mixed-use development on the Far West Side, Kuafu’s battles with its co-developers have delayed the project repeatedly. And though it paid a whopping $300 million for an East 60th Street assemblage with plans for a large condo tower
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  #124  
Old Posted Apr 4, 2017, 1:34 AM
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Originally Posted by gramsjdg View Post
Excuse my ignorance, but what makes Kushner so confident in securing financing when Extell is having trouble getting it for CPT which is already under construction and has at least one guaranteed tenant (Nordstrom)?
IMO your assumption is wrong. What makes you think Extell is having issues?

Excluding office towers with presigned tenants, giant supertalls almost always take many years to assemble financing packages. And Extell has like a dozen megaprojects underway simultaneously, from 560 Fifth to City Point to One Manhattan Square.

This isn't like financing a Dunkin Donuts franchise. 660 Fifth, like CPT, won't be financed overnight.
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  #125  
Old Posted Apr 4, 2017, 2:15 AM
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^ Right. The first order of business is to bring in a partner or partners to invest in the site. If we don't get that, we won't even get to the financing part. My bets are they will get someone to invest in this trophy tower. A chance for a massive development like this (no site assembly needed) on a prime Fifth Avenue site no less, doesn't come often.
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  #126  
Old Posted Apr 4, 2017, 12:59 PM
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Cuozzo wants to know about the pricetag...


http://nypost.com/2017/04/03/what-ex...e-reinvention/

What exactly is going on with Kushner Companies’ 5th Ave. ‘reinvention’?

By Steve Cuozzo
April 3, 2017


Quote:
We have no idea whether Kushner Companies’ plan to “reinvent” 666 Fifth Ave. as a 1,400-foot-tall tower of luxury condos, a hotel and top-end retail will ever get built. My colleague Lois Weiss first reported last week that Kushner’s prospective partner, China’s Anbang, had declined to go ahead with a deal. A Kushner rep told the New York Times Monday that the company still expected to line up $2.5 billion in equity from other sources.

One reported number is especially baffling: a $4.1 billion construction loan supposedly needed to realize late architect Zaha Hadid’s design. For a very tall but skinny tower that will have floor plates of just 10,000 square feet for most of its height?

SL Green needed only a $1.5 billion construction loan for One Vanderbilt, the highly sophisticated office tower it’s building next to Grand Central Terminal that’s 100 feet taller than a new 666 Fifth would be.

None of the World Trade Center office towers required a construction loan of more than $3 billion on sites much more complex than 666 Fifth.
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  #127  
Old Posted Apr 4, 2017, 10:09 PM
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I gotta be honest, I do not feel confident about this development under Kushner management. I just get this feeling it will be a Shvo moment like the disgrace that happened with 125 Greenwich.

Hopefully a key investor takes a majority of the stake and gets it done right.

And I'm usually very optimistic, almost bordering manic, but this project doesn't sit right with me. Just get the feeling that there will be setbacks.
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  #128  
Old Posted Apr 4, 2017, 10:21 PM
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Hopefully a key investor takes a majority of the stake and gets it done right.

And I'm usually very optimistic, almost bordering manic, but this project doesn't sit right with me. Just get the feeling that there will be setbacks.
I do believe that is the plan,


Quote:
The demolition and construction is projected to cost $7.5 billion. The Kushners are looking for a partner or partners to invest $3.3 billion, including $500 million from the Kushner family and others, who would own a 20 percent stake, according to Mr. Yolles, the company spokesman.

Keep your eye out for that. Even some of the developments in the city that are already under construction have brought in or are looking for investors to take majority stakes, leaving the developer as primarily the builder. The wave of transactions in Manhattan by investors in skyscrapers, and the super prime location of this property leads me to believe that there will be major interests in this development.
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  #129  
Old Posted Apr 7, 2017, 3:21 PM
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The Devil's in the Details for Kushner Companies' 666 Fifth Avenue
Quote:
Originally purchased by Kushner Companies in 2007, the 60-year-old office tower located at 666 Fifth Avenue in Midtown Manhattan has long been the dream project of convicted felon and current real estate magnate Charles Kushner. As father to Jared Kushner, the spouse to 'First Daughter' Ivanka Trump, the elder Kushner's landmark redevelopment project has been caught in limbo as investors await a final decision on any potential conflicts of interest that could arise now that the Kushner name has become directly linked to the Presidency.
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  #130  
Old Posted Apr 8, 2017, 1:59 PM
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http://nypost.com/2017/04/07/steve-r...666-fifth-ave/

Steve Roth wants to sell share of Kushner family’s 666 Fifth Ave.

By Lois Weiss
April 7, 2017

Quote:
Vornado Realty Trust Chairman Steve Roth has for the first time publicly admitted his company may be selling its holding in the Kushner family’s 666 Fifth Ave.

The Kushners are looking to redevelop the office building into a 1,400-foot tall retail, hotel and residential tower while Roth prefers it to remain as is.

“This is an ongoing, complex, dynamic, and unpredictable situation . . . and it is the rare case when we may be sellers,” Roth said in his annual letter to shareholders.
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  #131  
Old Posted Apr 12, 2017, 2:23 AM
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April 11, 2017







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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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  #132  
Old Posted May 18, 2017, 10:33 PM
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Hadid’s tower of hubris isn’t half bad: The late architect’s skyscraper would be an improvement for Midtown — if it were ever built

Quote:
To say that Zaha Hadid’s TRData LogoTINY recently revealed designs for 666 Fifth Avenue may never be built is, of course, an understatement, lending an air of reality to a project that has essentially no grounding in it.

The late architect’s drawings, commissioned by the Kushner Companies shortly before her death, show a high-concept monument that would replace the site’s 41-story tower with an 80-story superluxe skyscraper — securing, in the process, the Kushners’ increasingly tenuous hold on the shining trophy that announced their ascendance from New Jersey developers to Manhattan big shots. (The overleveraged deal also happens to be presidential son-in-law Jared Kushner’s main claim to real estate prowess.)

The obstacles, of course, are many. The most substantive being the dearth of investors willing to pay for a trophy tower at a time when half a dozen such projects have been abandoned as unviable. And time, in this case, is very much of the essence. As was recently noted in the New York Times, Kushner needs to “bring in a fresh infusion of cash or a well-heeled partner willing to foot the bill, if it wants to hold on to the building.”

In recent years, the building has failed to produce enough income to pay its debts, according to the Times, with the owners filling the ever-widening shortfall from their own pockets. More ominously, the interest-only $1.2 billion mortgage is scheduled to come due in less than two years. Earlier this year, it looked like Anbang Insurance Group, the Chinese company that bought the Waldorf Astoria, might come to the Kushners’ rescue, but Anbang ultimately walked away. Another investor has yet to emerge.

In the event that one does, the plan is to raze the existing structure and, following the model of other recent supertall buildings, rebuild it as a mixed-use space with most of the upper floors given over to residential condos and, on the lower levels, a hotel, office space and retail.


The Kushners also intend to change the name and address of the building to 660 Fifth Avenue. Allegedly, this new structure would be worth an unheard-of $12 billion, including the residential condos.

[...]
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TRD
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