Zaha Hadid Architects’ 666 Fifth Avenue skyscraper unlikely to go ahead

From: Dezeen Magazine  

666 Fifth Avenue skyscraper proposal by Zaha Hadid Architects

The supertall tower that Zaha Hadid Architects designed for a New York site owned by the Kushner family has been rejected by the project’s partner Vornado.Kushner Companies, owned by the family of Donald Trump’s son-in-law Jared Kushner, wants to raze a 1950s office building at 666 Fifth Avenue and replace it with a 1,400-foot-tall (427-metre) luxury residential tower.But sources told Bloomberg that Vornado Realty Trust, which owns a 49.5 per cent stake in the project, wants to simply refurbish the existing building and keep it as offices.Vornado chairman and CEO, Steve Roth, is said to have been unenthusiastic about the proposal from the beginning, and unwilling to invest further in the building until its future is secured.

666 Fifth Avenue skyscraper proposal by Zaha Hadid Architects

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.

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Author: renoman


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