Rendering released of Zaha Hadid Architects design for 666 Fifth Ave.

Rendering revealed of Zaha Hadid Architects design for 666 Fifth Ave. Left: 666 Fifth Avenue. (Courtesy Vornado Realty Trust) Right: Rendered by the architect of the proposed tower. (Courtesy of Kushner Companies / Zaha Hadid Architects)
Projects to transform the existing building to 666 Fifth Avenue, a long-term development project owned by Kushner Companies and Vornado Realty Trust, could still see the light of day, with foreign investors indicating their interest in financing the tower.

Kushner Companies was led by his son-in-law to President Donald Trump and former CEO Jared Kushner until mid-January when he relinquished control of the company and formally surrendered his stake in 666 Fifth Avenue. While some have questioned the importance of these measures to move away from the project, Kushner would have reportedly ceased to play a formal role as he advanced and recused himself if a conflict of interest were to arise.

Yet Kushner's precarious network of financial tangles could potentially haunt him. Shortly before leaving his family business, Kushner negotiated investment negotiations with Anbang Insurance Group, a Chinese company with an opaque property and well-known associations with the Chinese state. In a report by 6sqft, sources say Anbang has been involved in "advanced talks to provide up to half of the $ 2.5 billion in equity for the planned redevelopment." Although the company denied that " He is a stakeholder in the 666 Fifth Avenue project, The deal appears to support his growing portfolio of real estate investments in New York City as they are also the owners of nearby Waldorf Astoria Hotel.

The building will require a substantial overhaul of the existing structural core to accommodate another 40 floors, a task to be resolved by London-based Zaha Hadid Architects (ZHA) who recently circulated a rendering of the ambitious 1,400-foot tower. ZHA has been signed for the project since 2015 and later this year will envelop the construction of its first project in New York, a residential building adjacent to the High Line. If everything goes as planned, demolition will begin in 2019 with a desired completion by 2025.