Kushners’ Control of Family’s NYC Crown Jewel Is Now in Jeopardy
- Vornado wants modest renovation and to rent out offices
- The building has been losing money since it was bought in 2007
Kushner Partner Blocks Fifth Avenue Tower Plans
An ambitious plan by Jared Kushner’s family to recast its indebted Fifth Avenue office building as a luxury architectural trophy is collapsing, setting off a chain of events that may imperil the Kushners’ ownership of a property central to their real estate empire.
Their partner, Vornado Realty Trust, is telling brokers to plan for a much more mundane renovation that would leave the property as an office building, according to three people familiar with the matter. Vornado Chairman and Chief Executive Officer Steve Roth was never enthusiastic about the Kushner plan although until now he hadn’t stood in its way.