From: Dezeen Magazine
Kushner Companies would therefore have to find new investors for its ambitious project, but renegotiating could result in the company losing control of the building, said the unnamed sources close to Roth. They claim that Vornado wants to renovate the building and lease its spaces at competitive rates to prevent it from losing more money.
However, Kushner Companies said that a decision has not yet been made.
“As equal partners, Vornado and Kushner have been exploring a range of options for the future of 666 Fifth Avenue,” said a spokesperson for the company.
“All options are still being assessed, and no decision has been made about which option to pursue. Any implication that an agreed upon path has been reached or that there is contemplation of an outcome that would be to the sole benefit of one party over the other would simply be wrong.”
The plans for the ZHA-designed glass skyscraper – housing condos, a hotel and a shopping mall – were unveiled in March 2017, when the project was seeking investment from China’s Anbang Insurance Group.