NEW YORK, March 29 Kushner Companies, the real
estate firm formerly headed by President Donald Trump's
son-in-law, said it has dropped out of talks to redevelop its
flagship New York office tower with China's Anbang Insurance
The two companies, which had been in advanced talks
according to media reports, both agreed to end the discussions
about redeveloping a 60-year-old office tower that is steps away
from St. Patrick's Cathedral and Rockefeller Center.
"Kushner Companies is no longer in discussions with Anbang
about 666 Fifth Avenue's potential redevelopment, and our firms
have mutually agreed to end talks regarding the property," a
spokesman for Kushner said.
Plans are still ongoing with other investors to redevelop
the 39-story aluminum-clad building that fronts Fifth Avenue
between 52nd and 53rd Streets in Midtown Manhattan, the
"Kushner Companies remains in active, advanced negotiations
around 666 Fifth Avenue with a number of potential investors,"
Kushner Cos was headed by Jared Kushner, Trump's son-in-law,
until earlier this year when his interest in the company was
sold to a family trust.
Concerns had been raised about a conflict of interest given
Kushner's role as an adviser to Trump.
Plans call for stripping the building down to its steel
columns and adding about 40 floors in a project that was
designed by Zaha Hadid, a Pritzker Prize award winner for
architecture, before she died last year, the Wall Street Journal
reported last week.
News of Kushner and Anbang ending talks was first reported
by the New York Post.
(Reporting by Herbert Lash, additional reporting by Joy
Wiltermuth of IFR; Editing by Phil Berlowitz)