ZHA plans $12bn New York supertall
A 420m mixed-use skyscraper by Zaha Hadid Architects may be the next supertall structure to hit Midtown Manhattan.
Located at 666 Fifth Avenue between 52nd and 53rd Street, the project is the brainchild of Kushner Properties, who currently co-own an existing 150m building which is on the site, along with Vornado Realty Trust.
Rather than demolishing the existing structure and starting from the ground up, the project would strip the existing building down to its inner steel core, then add the necessary structure for an additional 40 floors.
Estimated to cost up to $12 billion, the company is currently negotiating a deal with Chinese holding company Anbang Insurance Group to finance the project.
Kushner will then need to buy out Vornado’s share of the building and the leases of current tenants, as well as refinance existing debt. If these deals take place before the end of the year, construction work could begin as early as 2019, with an estimated completion in 2025.