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Transactions - MARCH 14, 2017

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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

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