singular_me
20th April 2017, 02:04 PM
interesting story that I am sure soros appreciates as he loves being useful. Also the 666 buiding could be the **most expensive** skyscraper in america.... I dont really believe that 6 is the number of the devil but do seriously believe that the more people project a intent into that/whatever number, the number will help focus on the intent. After all God created man the 6th day... again the bible gives us a contradiction that we have to decipher
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https://www.youtube.com/watch?v=39hRGHr0X_k
At Kushners’ Flagship Building, Mounting Debt and a Foundered Deal
By CHARLES V. BAGLIAPRIL 3, 2017
The Fifth Avenue skyscraper was supposed to be the Kushner Companies’ flagship in the heart of Manhattan — a record-setting $1.8 billion souvenir proclaiming that the New Jersey developers Charles Kushner and his son Jared were playing in the big leagues.
And while it has been a visible symbol of their status, it has also been a financial headache almost from the start. On Wednesday, the Kushners announced that talks had broken off with a Chinese financial conglomerate for a deal worth billions to redevelop the 41-story tower, at 666 Fifth Avenue, into a flashy 80-story ultraluxury skyscraper comprising a chic retail mall, a hotel and high-priced condominiums.
More than a quarter of the office space in the building sits vacant. According to an analysis by Trepp L.L.C., a data and analytics firm that tracks bank lending, 666 Fifth Avenue has not generated enough money to pay its debts for several years, forcing the owners to cover the shortfall — at least $10 million in 2015. And that gap is growing. The interest-only $1.2 billion mortgage comes due in less than two years.
“This building has had financial issues for years now,” said Joe McBride, a senior associate at Trepp. “How much longer can they sustain it? Occupancy is at 70 percent, more leases are expiring, and they’re going into their own pocket to pay the debt.”
Then, as the 2008 financial crisis set in, rents, instead of going up, went down. To pay off some of their debt, the Kushners began selling parts of the building, including its most valuable asset, the retail space on Fifth Avenue, to the Carlyle Group and Crown Acquisitions for $525 million, a remarkable price. The proceeds were used to pay off secondary loans on the building, not the main mortgage.
The $1.2 billion mortgage on 666 Fifth Avenue has swelled to $1.4 billion with accrued interest, according to financial records filed by Vornado. Revenue, which continues to decline, covers only 66 percent of the building’s debt obligations, according to the latest report by Trepp.
MORE
https://www.nytimes.com/2017/04/03/nyregion/kushner-companies-666-fifth-avenue.html?_r=0
http://static01.nyt.com/images/2011/06/26/fashion/26KUSHNER_SPAN/26KUSHNER_SPAN-articleLarge-v2.jpg
Kushners May Get $400 Million From Chinese on Tower
March 13, 2017, 1:49 PM EDT
https://www.bloomberg.com/news/articles/2017-03-13/kushners-set-to-get-400-million-from-chinese-on-marquee-tower
https://www.youtube.com/watch?v=694x-Oeb4Xw
China OKs trademarks for Ivanka Trump's company on day she met with Xi
April 19, 2017: 5:06 AM ET
http://money.cnn.com/2017/04/18/news/ivanka-trump-trademarks/index.html
=========================
https://www.youtube.com/watch?v=39hRGHr0X_k
At Kushners’ Flagship Building, Mounting Debt and a Foundered Deal
By CHARLES V. BAGLIAPRIL 3, 2017
The Fifth Avenue skyscraper was supposed to be the Kushner Companies’ flagship in the heart of Manhattan — a record-setting $1.8 billion souvenir proclaiming that the New Jersey developers Charles Kushner and his son Jared were playing in the big leagues.
And while it has been a visible symbol of their status, it has also been a financial headache almost from the start. On Wednesday, the Kushners announced that talks had broken off with a Chinese financial conglomerate for a deal worth billions to redevelop the 41-story tower, at 666 Fifth Avenue, into a flashy 80-story ultraluxury skyscraper comprising a chic retail mall, a hotel and high-priced condominiums.
More than a quarter of the office space in the building sits vacant. According to an analysis by Trepp L.L.C., a data and analytics firm that tracks bank lending, 666 Fifth Avenue has not generated enough money to pay its debts for several years, forcing the owners to cover the shortfall — at least $10 million in 2015. And that gap is growing. The interest-only $1.2 billion mortgage comes due in less than two years.
“This building has had financial issues for years now,” said Joe McBride, a senior associate at Trepp. “How much longer can they sustain it? Occupancy is at 70 percent, more leases are expiring, and they’re going into their own pocket to pay the debt.”
Then, as the 2008 financial crisis set in, rents, instead of going up, went down. To pay off some of their debt, the Kushners began selling parts of the building, including its most valuable asset, the retail space on Fifth Avenue, to the Carlyle Group and Crown Acquisitions for $525 million, a remarkable price. The proceeds were used to pay off secondary loans on the building, not the main mortgage.
The $1.2 billion mortgage on 666 Fifth Avenue has swelled to $1.4 billion with accrued interest, according to financial records filed by Vornado. Revenue, which continues to decline, covers only 66 percent of the building’s debt obligations, according to the latest report by Trepp.
MORE
https://www.nytimes.com/2017/04/03/nyregion/kushner-companies-666-fifth-avenue.html?_r=0
http://static01.nyt.com/images/2011/06/26/fashion/26KUSHNER_SPAN/26KUSHNER_SPAN-articleLarge-v2.jpg
Kushners May Get $400 Million From Chinese on Tower
March 13, 2017, 1:49 PM EDT
https://www.bloomberg.com/news/articles/2017-03-13/kushners-set-to-get-400-million-from-chinese-on-marquee-tower
https://www.youtube.com/watch?v=694x-Oeb4Xw
China OKs trademarks for Ivanka Trump's company on day she met with Xi
April 19, 2017: 5:06 AM ET
http://money.cnn.com/2017/04/18/news/ivanka-trump-trademarks/index.html