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May 18, 2018
, Bloomberg News
(Bloomberg) -- What might Kushner Cos.’ 666 Fifth Ave. look like if Brookfield Property Partners LP took over? Maybe 5 Manhattan West.
That’s the mesa-shaped building on Manhattan’s far west side, once occupied by the Associated Press and the New York Daily News and known as 450 W. 33rd St. A long, long time ago, it was home to an ice-skating rink known as Skyrink. These days it houses technology operations of JPMorgan Chase & Co., and Amazon.com Inc. is taking 359,000 square feet (33,000 square meters) of the 1.7 million-square-foot building.
Brookfield Senior Managing Partner Ric Clark brought the building up on Friday as a model for 666 Fifth, which many brokers have called tired and in need of a radical makeover. Kushner Cos. is in talks with the unit of Brookfield Asset Management Inc. to salvage its investment in the debt-burdened 666 Fifth.
“The strategy for that building to enhance value is right up our alley,” Clark said. “It’s something we’ve done multiple times.”
Brookfield acquired 5 Manhattan West in 2011. Three years later, it announced a $200 million plan that would strip off its sides and clad it in floor-to-ceiling glass. Brookfield renamed the tower and made it part of its 7 million-square-foot Manhattan West project, one of the major developments now rising in the city’s Hudson Yards area. Clark called 5 Manhattan West “a tremendous success” and said “we see this as the same kind of drill.”
Of 666 Fifth, between 52nd and 53rd streets, a block north of St. Patrick’s Cathedral, he said “that building is at Main Street and Main Street. It doesn’t really get better than that.”
To contact the reporter on this story: David M. Levitt in New York at dlevitt@bloomberg.net
To contact the editors responsible for this story: Daniel Taub at dtaub@bloomberg.net, Peter Jeffrey, Christine Maurus
©2018 Bloomberg L.P.
