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Kushners' Manhattan tower set for worst year since 2011
666 Fifth Avenue is forecast to lose US$24 million this year
Add BT as a preferred sourcePublished Fri, Oct 13, 2017 · 09:50 PM
New York
THE midtown Manhattan office tower owned by Kushner Cos. and Vornado Realty Trust is on track to lose US$24 million this year, marking the worst performance for 666 Fifth Ave since a 2011 refinancing.
The property had net operating income of US$18.3 million for the six months ending in June, according to data filed by the property's lenders. Debt payments were US$30.4 million during the period. The tower's cash flow is enough to cover only about half of the debt payments on the building, down from 66 per cent last year.
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