Kushners' Manhattan Tower on Track for Its Worst Year Since 2011
Jared Kushner’s Rise to Power Mirrors Trump's
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The midtown Manhattan office tower owned by Kushner Cos. and Vornado Realty Trust is on track to lose $24 million this year, marking the worst performance for 666 Fifth Ave. since a 2011 refinancing.
The property had net operating income of $18.3 million for the six months ending in June, according to data filed by the property’s lenders. Debt payments were $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 percent last year. The ratio has been declining every year since Vornado became a partner in the skyscraper as a result of the refinancing.