EXCERPT: 

At Kushners’ Flagship Building, Mounting Debt and a Foundered Deal

By CHARLES V. BAGLI APRIL 3, 2017

The Fifth Avenue skyscraper was supposed to be the Kushner Companies’ flagship in the heart of Manhattan — a record-setting $1.8 billion souvenir proclaiming that the New Jersey developers Charles Kushner and his son Jared were playing in the big leagues.

And while it has been a visible symbol of their status, it has also been a financial headache almost from the start. On Wednesday, the Kushners announced that talks had broken off with a Chinese financial conglomerate for a deal worth billions to redevelop the 41-story tower, at 666 Fifth Avenue, into a flashy 80-story ultraluxury skyscraper comprising a chic retail mall, a hotel and high-priced condominiums.

The official announcement said the company remained “in active, advanced negotiations” with a number of investors, whom it declined to name.

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