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.