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Kushner Reworks Debt on NYC’s 666 Fifth Ave. With Vornado

Kushner Cos. completed a restructuring of its debt on Manhattan’s 666 Fifth Ave. with Vornado Realty Trust, salvaging an investment made in a record-setting deal at the peak of the property market.

Vornado, which has stakes in more than 19 million square feet (1.8 million square meters) of New York office buildings, is injecting $80 million of equity and will jointly own the Midtown skyscraper with Kushner, the companies said in a statement today. Kushner will contribute $30 million.