The publicly traded Vornado Realty Trust announced late on Friday a billion dollar "handshake deal" to sell its stake in 666 Fifth Ave to Kushner Cos., Bloomberg reports.
In an annual letter to investors, Vornado chairman and chief executive officer Steven Roth wrote “I believe we now have a handshake to sell our interest to our partner."
The 666 building has a $1.4 billion mortgage due in February 2019 and the Kushner family has been publicly rebuffed in its global search for financing.
Vornado noted that “this situation continues to be fluid -- there can be no assurance that a final agreement will be reached or that a transaction will close.”
The Kushner's bought the building in January 2007, closing the deal on Jared Kushner's birthday. Kushner is currently a senior White House advisor for his father-in-law, President Donald Trump.
“This is a great acquisition for our company,” Kushner said at the time.
The $1.8 billion deal occurred just before the financial crash and the Kushner family has been under the burden of the debt ever since. In 2011, Vornado bought a 49.5 percent interest in the building's office space, The New York Times reported.
"Vornado declined further comment through a spokeswoman," The Times noted. "A spokeswoman for Kushner Companies said Charles Kushner, an Orthodox Jew, was unavailable to comment because he was observing the Sabbath."