The co-owner of a Fifth Avenue skyscraper controlled by the family of Jared Kushner says demolishing the tower to build luxury apartments is not practical and the building will likely remain as offices.
Vornado Realty Trust CEO Steven Roth told investors on Tuesday that the Kushner family’s plan to raise billions from investors to rebuild the tower is “not feasible.” He added that “it’s likely that the building will revert to an office building.”
The project drew criticism after media reports that the Kushner Cos. was negotiating with a Chinese insurer with ties to the ruling Communist Party, among other big foreign investors. Critics say such deals would raise conflicts of interest issues with Jared Kushner serving in the White House as an adviser to his father-in-law, President Donald Trump.