NEW YORK CITY—Likely in response to ethics concerns raised by government officials, Kushner Cos. and Anbang Insurance Group Co. have said of their talks to redevelop 666 5th Ave.: “let's call the whole thing off,” according to several published reports. Which party first pulled the plug on the deal was unclear at press time.
The property is valued at $7.5 billion, according to the New York Post. It is co-owned by Kushner Cos., a firm owned by the family of Jared Kushner—President Trump's son-in-law.
Anbang had discussed investing more than $400 million as part of a $4 billion transaction with Kushner Cos. which might have included terms that some real estate experts considered unusually favorable for the Kushners, an earlier report by Bloomberg revealed. A day after that story, Anbang said “there is no investment” in the building, while reportedly not disputing the details of the financing proposal.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
