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Kushner buys Vornado’s stake in 666 Fifth Avenue

Steve Roth walks away with $120M in profit

Kushner Cos. has signed a contract to buy Vornado Realty Trust’s 49.5% stake in the office portion of 666 Fifth Ave for $120 million, according to WSJand Bloomberg. Steve Roth’s Vornado will realize net proceeds of $120 million from the deal.

What comes next: With a $1.2 billion mortgage due in seven months, Kushner is in discussions with Brookfield buy the 49.5% stake. If the deal materializes, the partnership will try and revitalize the troubled tower. 

Best thing you will read today: When Charles Kushner was sent to prison in 2005, the family asked PR Guru Howard Rubenstein how to rehab the Kushner name. He suggested that Jared buy a newspaper, marry the daughter of a rich New York family, and acquire a trophy asset.

Jared listened… He bought the Observer, married Ivanka, and acquired 666 Fifth Avenue. Although the record-setting $1.8 billion deal was flashy, the overleveraged office tower haunts the family to this day.

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