Kushners' Manhattan tower set for worst year since 2011

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.