Six years can bring more than a 300% return (or clear 200% of your initial investment in pure profit)! The NY Times reports that Tishman-Speyer sold 666 Fifth Avenue to the Kushner family for $1.8 billion. And reporter Charles Bagli points out Tishman-Speyer bought the property for $518 million. Many people that this will be the most expensive single building in the city, breaking Tishman-Speyer's then-record $1.72 billion purchase of the MetLife Building. Factoids: The per-square foot cost of the MetLife building is $604 while the per-square foot cost of 666 Fifth is $1,200. Hey, a Fifth Avenue address can command that.
The Kushners do own the Puck Building on Lafayette and Houston, but most of their properties are in NJ, Maryland and Pennsylvania. It was 25 year old Jared Kushner (bought the Observer earlier this year) who signed the deal last night - dad Charles, who served time for tax evasion, still seems to be keeping a low-profile. Kushner told the Times, "This is a great acquisition for our company. We are upping our presence in Manhattan. It’s a logical expansion for us." Logical and showy - very smart in order to be positioned as a real player.
666 Fifth Avenue's lobby has a ceiling, floor and a waterfall designed by Isamu Noguchi. Here is Tishman-Speyer's listing about 666 Fifth Avenue, known better to some as where the NBA Store is, as well as City Review's write-up.
