Transactions - MARCH 14, 2017

To read this full article you need to be subscribed to Newsline.

Sign in Start Your Free Trial Now View Purchase Options

Anbang to buy stake in NYC office tower

by Andrea Waitrovich

The Kushner Cos. has plans to sign a $4 billion partnership with Anbang Insurance Group, according to media outlets. The deal would value the 41-story tower at $2.85 billion.

Anbang Insurance Group is set to invest in the mixed-use tower at 666 Fifth Ave., a deal the New York Times reports has been undergoing negotiations since January. The other owner of the property is Vornado Realty Trust.

The Chinese insurer is seeking a $4 billion construction loan to turn the building’s top floors into luxury condominiums. The finished building will be worth $7.2 billion, the most ever for a single Manhattan building, including $1.6 billion for the office section and $1.25 billion for the retail section.

The details of the agreement were shared with

Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?