Vornado Realty Corp. and Kushner Companies are proposing to redevelop the 41-story, 1.5-million square-foot commercial building at 666 Fifth Avenue, in Midtown between East 52nd and 53rd Streets, into a 1,400-foot-tall mixed-use tower. According to the New York Post, the building would include a significant retail podium, which will be topped by a slender tower featuring a hotel and residences. Zaha Hadid has been tasked to design, and Kushner owns a majority of the property, although Vornado currently owns the building’s retail condominium along Fifth Avenue, and Zara owns a separate retail portion.
Earlier this year, Kushner Companies and KABR Group acquired the development site at One Journal Square, in Jersey City’s Journal Square neighborhood, and now an initial rendering has surfaced of the project’s first tower. Proposed at 56 stories and 666 feet, the 1.1 million square-foot building will have 744 residential units, with 120,000 square feet of retail and office space in its nine-story base, per The Jersey Journal. The Planning Board has not yet approved the tower. Last year, YIMBY revealed Humphreys & Partners’ now-outdated proposal.
Kushner Companies and RFR Realty are teaming up with Ian Schrager to develop a Public Hotel at the six-building Dumbo Heights redevelopment, in Dumbo, according to the New York Post. At 90 Sands Street, the 30-story, 508-room Jehovah’s Witness residential hotel could to be transformed into a nearly 600-key hotel, with up to 100,000 square feet of amenity and meeting space.
Kushner Companies and CIM Group plan to convert the 26-story, 470,000 square-foot office building at 2 Rector Street, in the Financial District, into 452 rental units. The property is currently 84 percent occupied, with the building’s largest lease running until 2022. The team acquired the building for $140 million in 2013.
Earlier in May, Crain’s Business broke news about a planned condo conversion for 184 Kent Avenue, an eight-story, 338-unit luxury rental building in northern Williamsburg. Now Curbed has the details: dubbed Austin Nichols House, significant renovations are in the works, which include the combination of former rental units. Kushner Companies, LIVWRK, and Rockpoint Group are the developers and acquired the building for $275 million in early 2015.