Kushners and Vornado Have Worst Year at Manhattan Office Tower
- Losses deepen as interest costs increase, net income declines
- Vornado, partner since 2011, has ‘handshake’ to sell stake
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A Manhattan office tower co-owned by Kushner Cos. and Vornado Realty Trust had its worst year since the two firms became partners in the building in 2011.
The property, 666 Fifth Ave., lost $25 million in 2017, after accounting for debt payments, as net income fell and interest on loans increased, records filed to investors show. That compares with a loss of $14.5 million in the previous calendar year.