Brookfield Properties through the entity BSREP III Nero LLC paid Kushner Companies’s Kadima Realty Associates LLC $8.5 million to buy out its remaining term at 666 Fifth Avenue in the Plaza District. The deal closed on June 1, 2020, and was recorded on June 4, 2020.
Brookfield bought Kushner out of its lease on the 15th floor of 666 Fifth Avenue. Brookfield acquired a net lease for the office portion of the building it valued at $1.29 billion from Kushner in 2018 and is undergoing a $400 million rehabilitation of the building and is buying out tenants, according to reports. Kushner is moving to the GM Building at 767 Fifth Avenue, the Wall Street Journal reported.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on September 27, 2012.