Vornado officially plans to sell its stake in 666 Fifth

CEO Steve Roth hinted that this was coming in April shareholder call

New York /
Feb.February 12, 2018 06:21 PM

666 Fifth Avenue, Jared Kushner and Steve Roth

Vornado Realty Trust plans to sell its 49.5 percent stake in Kushner Companies’ Midtown office tower at 666 Fifth Avenue, according to an annual performance report it filed with the U.S. Securities and Exchange Commission.

Last year, Vornado CEO Steve Roth told shareholders that selling the REIT’s minority position in the tower was a possibility, but this appears to be the first time the company has plainly said that it will not keep 666 Fifth on its books long term.

“We do not intend to hold this asset on a long-term basis,” the company reported Monday. Vornado removed the building from its New York assets on its filings with the SEC. The property is now labeled “other.” Vornado previously removed the building from its leasing metrics.

Kushner Companies has eyed a grand renovation and redevelopment of 666 Fifth into a 1,400-foot tall luxury condo, hotel and retail center, but has struggled to find the necessary financing. Vornado was well known to not be keen on the idea, with Roth saying just last fall that it was “likely not feasible.” 

A spokesperson for Kushner Companies declined to comment.


Related Articles

arrow_forward_ios
Vornado's Steve Roth and 220 Central Park South (Credit: Getty Images, iStock)
Free and clear: Vornado pays off debt at 220 CPS
Free and clear: Vornado pays off debt at 220 CPS
Vornado chairman and CEO Steven Roth, and 608 Fifth Avenue (Credit: Getty Images)
“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call
“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call
Steven Roth, CEO of Vornado and 640 Fifth Avenue (Credit: Getty Images and Vornado Realty Trust)
Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue
Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue
A photo illustration of the proposed Lower Platte River Corridor (Getty, Plan Preserve Play NE)
Nebraska lawmakers mull digging $1B recreation lake
Nebraska lawmakers mull digging $1B recreation lake
From left: Kushner Companies’ Charles Kushner, Fortress Investment Group's Peter Briger, and Veris Residential’s Mahbod Nia (Getty, Fortress Investment Group, YouTube)
Kushner gets Fortress to fund hostile takeover of Veris
Kushner gets Fortress to fund hostile takeover of Veris
Illustration of Stefan Soloviev (HaydenSoloviev, CC BY-SA 4.0, via Wikimedia Commons, Getty)
Soloviev bets long-dormant Midtown East site in casino sweepstakes
Soloviev bets long-dormant Midtown East site in casino sweepstakes
CHIP's Jay Martin and HCR Commissioner RuthAnne Visnauskas (Getty)
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
PulteGroup's Ryan R. Marshall and RedFin's Glenn Kelman (PulteGroup, RedFin, Getty)
Wall Street is bidding up housing stocks again
Wall Street is bidding up housing stocks again
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...