660 Fifth Avenue
| Industry | Real estate / Commercial office building |
|---|---|
| Predecessor | 666 Fifth Avenue, Tishman Building |
| Founded | 1955 in New York City, United States |
| Founder | Tishman Realty and Construction |
| Fate | Renovated and rebranded |
| Headquarters | New York City , United States |
Area served | Midtown Manhattan, New York City |
| Products | Office space rental |
| Owner | Brookfield Properties (as of 2022) |
660 Fifth Avenue—previously known as 666 Fifth Avenue and the Tishman Building—is a 41-story office building situated on Fifth Avenue between 52nd and 53rd Streets in Midtown Manhattan, New York City. Designed by the architectural firm Carson & Lundin and developed by Tishman Realty and Construction, its construction spanned from 1955 until 1957.
Upon completion, the structure was notable for its prominent red neon "666" sign, which was visible across the city, along with a facade featuring embossed aluminum panels illuminated by the "Tower of Light," an installation created by Abe Feder. Inside, the building contained a public T-shaped atrium with retail outlets, a lobby opening onto Fifth Avenue, and a waterfall sculpture crafted by Isamu Noguchi. The upper levels accommodated tenants primarily from the legal, financial, and publishing industries. In the early 2020s, extensive renovations included reconstructing the lobby and office spaces, as well as replacing the original facade with glass panels.
Following the dissolution of Tishman Realty in 1976, ownership passed to Sumitomo Realty & Development in the late 1990s and subsequently to Tishman Speyer in 2000. In 2007, Kushner Properties purchased the tower but encountered financial difficulties throughout the late 2000s and mid-2010s, prompting consideration of redevelopment strategies. In August 2018, Brookfield Properties secured a lease for the entire building and engaged Kohn Pedersen Fox to undertake comprehensive renovations, completed by 2022. As part of this redevelopment, the property was rebranded as 660 Fifth Avenue.
Site
Situated in Midtown Manhattan, New York City, 660 Fifth Avenue fronts Fifth Avenue to the east, with 52nd Street bordering its southern edge and 53rd Street to the north. The predominantly rectangular parcel encompasses , featuring a frontage of along Fifth Avenue and depths measuring on 53rd Street and on 52nd Street. This block also contains prominent buildings such as the CBS Building, 31 West 52nd Street, the 21 Club, and the 53rd Street Library. Nearby points of interest include the Museum of Modern Art, Saint Thomas Church, Paley Park, the Olympic Tower, and 75 Rockefeller Plaza. The building holds its own ZIP Code, 10103, one among only 41 Manhattan structures assigned unique ZIP Codes as of 2019.
After the conclusion of the American Civil War, Fifth Avenue became home to upscale residences. The site now occupied by 660 Fifth Avenue was once occupied by the William K. Vanderbilt House, an 1882 châteauesque mansion designed by Richard Morris Hunt for William Kissam Vanderbilt. This mansion was demolished in 1926 and succeeded by a twelve-story office building developed by Benjamin Winter. Nearby, Stanford White designed a residence at number 666 for William Kissam Vanderbilt II’s family, completed in 1908. The current office tower replaced nine existing buildings—including Vanderbilt II’s mansion, Winter’s office structure, several brownstones, and six-story commercial properties. Immediately prior to development, part of this location functioned as a parking facility.
Architecture
Originally known as the Tishman Building at 666 Fifth Avenue, 660 Fifth Avenue was conceived by architects Carson and Lundin and developed under Tishman Realty & Construction. It remains one of the few surviving mid-20th-century office skyscrapers designed by this firm within Manhattan. The edifice rises to a height of , encompassing 39 floors. Principal contractors involved in its construction included structural engineer Victor Mayper; mechanical engineering services were provided by Cosentini Associates; electrical consulting was handled by Eitingon & Schlossberg.
Original facade
The Tishman Building was clad in an aluminum curtain wall, which was recognized as the largest aluminum curtain wall globally at that period. It consisted of nearly 3,000 spandrel panels, each approximately in size and weighing , manufactured in advance by Reynolds Metals Company located in Louisville, Kentucky. These anodized panels featured embossed rhombus patterns, giving the surface a textured appearance, and were installed internally by bolting them to steel frameworks welded to the building’s superstructure, evoking the look of medieval armor. Before its removal, the curtain wall allowed enough air permeability for occupants to feel wind passing through. In 1999, a section of the ground-level facade along Fifth Avenue was replaced with a glass wall to improve visibility for retail spaces.
Vertical aluminum mullions incorporated strips of porcelain enamel and white structural glass, with an overall width of . Window widths varied between , fitted with gray-tinted glass designed to minimize glare. Each window assembly included two fixed sidelights flanking a central operable pane that pivoted inward to facilitate cleaning.
At its inauguration, the building featured a lighting installation by Abe Feder, comprising 72 reflector lamps positioned on setbacks, capable of producing up to 9.7 million candlepower. This "Tower of Light" became a prominent feature but was turned off seasonally starting in 1959 to prevent interference with migrating birds.
The building initially displayed a large "666" address number atop its roof. After Citigroup became the principal tenant in 2002, this was replaced by a Citigroup logo under a grandfather clause that allowed signage normally prohibited in Manhattan. While some groups accepted this modification, preservation advocates criticized it for lacking historical sensitivity. The original "666" numerals were preserved for potential future use.
Renovated facade
From 2020 through 2022, the facade of 660 Fifth Avenue underwent replacement as part of a renovation led by Kohn Pedersen Fox. The updated exterior now features full-floor windows measuring tall by wide, each fabricated from a single insulated glass pane—contrasting with the original non-insulated design. These mullion-free panels triple the amount of window space compared to the former facade and are described by owner Brookfield Properties as the "largest unitized windows in North America." The refurbishment also introduced terraces on floors 8, 10, 11, and 15 along the three sides facing adjacent streets.
Interior
Originally, the Tishman Building provided of total floor area, with available rentable space. The base encompassed the lowest 14 floors, each approximately in size, while the upper tower’s 24 floors each offered about . Renovations in the early 2020s involved removing portions of upper-floor interiors to create double-height spaces.
Mechanical features
The steel frame weighed and was assembled using bolts rather than rivets, which halved labor requirements. Construction incorporated of concrete. Initially, cooling was supplied by a electric refrigeration plant located in the sub-cellar serving ground-level retail areas and a steam-turbine refrigeration plant on the roof catering to other floors—providing cooling capacity equivalent to sixty thousand ice blocks weighing 100 pounds each. A basement parking garage with capacity for 70 vehicles was accessible via an elevator on 53rd Street. An upgraded air-supply system was installed during renovations in the early 2020s.
Upon completion, the building housed 20 passenger elevators and two freight elevators from Westinghouse Electric Corporation arranged in separate banks. These electronically controlled elevators featured light sensors that optimized door closing times—a pioneering technology at that time. Electrical wiring extended over , while illumination was provided by 10,000 adjustable lamps.
Atrium and lobby
At its inception, 660 Fifth Avenue showcased a T-shaped atrium that opened onto 52nd Street, 53rd Street, and Fifth Avenue, featuring glass storefronts within. This atrium contained a north–south corridor stretching between 52nd and 53rd Streets, positioned 100 feet west of the Fifth Avenue frontage and measuring 30 feet in width. Two east–west passageways linked this central hallway to Fifth Avenue. Surrounding the atrium were multiple storefronts, including an additional one situated between the parallel passageways leading to Fifth Avenue. The flooring of both the atrium and adjacent sidewalks consisted of buff-colored blocks sized 3 by 3 feet, illuminated by incandescent ceiling fixtures. A renovation in 1999 enclosed the atrium and introduced revolving doors at its entry points. Subsequently, in 2000, the Fifth Avenue passageways were eliminated and transformed into retail space.
The original lobby, located to the west of the atrium section extending from Fifth Avenue, measured 100 feet in depth and varied between 85 and 75 feet in width. Initially, its walls were adorned with red marble, complemented by floors tiled in red, white, and black patterns. In 1998, these marble walls were either replaced or concealed by wood paneling, while the flooring was updated to a granite design featuring a monochromatic scheme. When the primary entrance shifted to 53rd Street in 2000, a reception lobby measuring approximately 70 by 40 feet was established there. The ceiling originally included horizontal "fins" coated with baked enamel. Centrally aligned along a north–south axis were four elevator banks; their lobbies were finished with white marble cladding, metal doors, and fluorescent lighting set behind translucent panels. A renovation during the 2020s refreshed the lobby’s appearance using white marble and wood paneling and incorporated a destination dispatch elevator system.
One of the building’s distinctive original elements was the Landscape of Clouds, a waterfall installation by Isamu Noguchi that served as a divider between the lobby and atrium via a structural glass wall spanning 40 feet in width. This glass wall was intersected by stainless steel fins varying from four to twelve inches in depth. Drawing inspiration from an earlier unexecuted design by Noguchi, this artwork faced proposed removal in 1999 but remained intact until early 2020 when it was dismantled.
The structure also offers access to the New York City Subway’s Fifth Avenue/53rd Street station on the Queens Boulevard Line. Initially entered through the atrium, this subway entrance was relocated in 1999 to allow direct ingress from 53rd Street.
Upper floors
The office interiors utilized prefabricated movable steel wall panels developed collaboratively by Aetna Steel Products and Tishman, produced in Pottsville, Pennsylvania. Around 27,000 panels made of three-inch-wide, 20-gauge steel varied in length from six to forty-eight inches. These panels were anchored to floors via studs and clipped to ceilings, which enabled an additional usable area of roughly 16,000 square feet compared to conventional plaster walls. Advantages included ease of removal and recycling capabilities, enhanced durability against cracking, and reduced debris during mechanical modifications. The building’s facade design permitted office partitions as narrow as seven and a half feet. Renovations undertaken in the 2020s involved removing certain columns, raising ceiling heights to accommodate open-plan offices, and modernizing mechanical systems.
The penthouse formerly housed Top of the Sixes, a restaurant designed by Raymond Loewy and operated by Stouffer's. Seating three hundred guests with French Provincial-themed decor, it was Manhattan’s first newly established high-rise dining venue since the opening of the Rainbow Room in 1934. This restaurant ceased operations in 1996 and was succeeded by the Grand Havana Room—a private cigar lounge favored by Wall Street clientele.
Significantly, on August 2, 2016, the Grand Havana Room hosted a meeting involving Paul Manafort, Rick Gates, and Konstantin Kilimnik that drew attention during the Mueller investigation due to Manafort sharing polling information intended for pro-Russian Ukrainian figures Serhiy Lyovochkin and Rinat Akhmetov.
Planning and Construction
In 1945, the department store chain Lord & Taylor acquired the parcel on the west side of Fifth Avenue between 52nd and 53rd Streets. The company intended to construct a new flagship location there to replace its existing store at Fifth Avenue and 38th Street, envisioning a high-rise with retail occupying the first ten floors. By 1948, rumors circulated that Lord & Taylor had abandoned these plans, though the firm refuted such claims. Ultimately, in 1952, president Dorothy Shaver terminated the project, citing the "abnormally high cost of building and equipping a large store" in Manhattan as the primary reason.
Initial Proposals
In November 1954, Tishman Realty and Construction acquired the former Lord & Taylor site for $9 million, with intentions to develop a structure at least 34 stories tall, encompassing over of space. The Tishman family initially planned for a limestone exterior reminiscent of the nearby Rockefeller Center buildings. They commissioned Carson & Lundin as architects, who were simultaneously engaged on 600 Fifth Avenue.
By February 1955, Tishman revealed plans for a 36-story office tower characterized by wide windows separated by limestone piers wider than conventional designs, facilitating adaptable office layouts. The window system combined fixed sashes with pivoting panes to simplify interior cleaning. The building was designed with column spacing, ceilings of , and air conditioning throughout. A public arcade spanning between 52nd and 53rd Streets was incorporated to boost retail foot traffic and offer a pedestrian shortcut connecting the Fifth Avenue/53rd Street subway station with Rockefeller Center’s underground concourse.
In May 1955, Tishman obtained ownership from Lord & Taylor’s parent company, Associated Dry Goods. Demolition commenced shortly thereafter following lease expirations in February 1956. That same month, Collins Tuttle & Co. were appointed as leasing agents. Carson & Lundin submitted building plans in June 1955, with construction costs projected at $18 million.
Revised Plans and Building Phase
In November 1955, Tishman secured the air rights above the neighboring Donnell Library on 53rd Street, allowing an increase of approximately 25% in floor area. The initial design featuring a 17-story base topped by a 21-story tower was modified to a configuration with a 14-story base and a taller 24-story tower offering larger floor plates. In January 1956, sculptor Isamu Noguchi was commissioned to create the lobby design. Demolition work began in April of that year.
By May 1956, Tishman arranged a $32 million construction loan from a banking group led by Irving Trust, while Prudential Financial agreed to purchase the building for $35 million and lease it back to Tishman under an 88-year agreement. The anticipated completion shifted to September 1957, accompanied by updated plans incorporating an aluminum facade. Excavation removed more than 33,000 cubic yards of rock and about 27,000 cubic yards of soil over five months. Steel framing commenced in September 1956.
The construction phase attracted public attention; steelworker Larry Weinmann adorned the site with cartoons and floral decorations. Seasonal embellishments included a papier-mâché Santa Claus during Christmas 1956 and Easter-themed displays in 1957.
By April 1957, steel erection was complete with roughly 80% of space leased. Reynolds Metals Company provided facade panels fabricated in Louisville. In June 1957, a large American flag displayed at the site was damaged while being unfurled. The building officially opened on November 25, 1957, with New York City Mayor Robert F. Wagner Jr. officiating the ceremony. Total project costs reached $40 million.
The structure received the Fifth Avenue Association’s award for best new commercial building in 1956–57, honored for its clean architectural form, embossed facade spandrels, steel mullions, and innovative exterior lighting system.
1960s to 1980s
Until the mid-1970s, 666 Fifth Avenue experienced minimal alterations. However, Tishman Realty faced liquidation due to a "negative net worth," prompting its conversion into a partnership and the subsequent divestiture of its assets. In 1976, Tishman reached an agreement with Equitable Life Assurance Society to sell the majority of its office holdings while maintaining a 48% interest in 666 Fifth Avenue. That same year, following Tishman’s dissolution, the building changed hands for $80 million. The land beneath the structure was sold by Prudential to Charlton Buildings in 1977, who then transferred ownership to Sherman and Edward B. Cohen.
Integrated Resources Inc. purchased the property in 1986 for $320 million, excluding the land. This acquisition price factored in a $20 million deduction related to asbestos removal, which included abatement efforts in the boiler room. Integrated planned to fund the purchase primarily through zero-coupon bonds, anticipating initial negative net income until rental rates increased.
In June 1987, Japanese real estate company Sumitomo Realty & Development acquired both the building and its land from Integrated for $500 million. At that time, this deal represented the second-highest price paid for an office building in Manhattan history, surpassed only by the $610 million sale of 1251 Avenue of the Americas. The transaction was completed in August 1987.
1990s and early 2000s
The Top of the Sixes restaurant ceased operations in 1996 after its lease expired and was succeeded by the Grand Havana Room. Towards the end of 1997, Sumitomo initiated renovations on the ground-level facade, incorporating tall glass walls to counteract perceptions that the retail space was unwelcoming. In 1998, a $20 million refurbishment transformed storefront layouts and modernized the lobby and lower floors—marking the first significant updates since the building’s inauguration. Plans by Sumitomo to remove Noguchi’s artwork met resistance from preservation advocates; consequently, the company invested $1.3 million to restore both the ceiling installation and fountain. Additional changes included relocating the subway entrance, enclosing the atrium, and refurbishing the Fifth Avenue frontage. Nobutaka Ashihara Associates assumed responsibility for these renovations from Brennan Beer Gorman. The updated building was officially rededicated in July 1999.
In 2000, a joint venture between German investment firm TMW and Tishman Speyer Properties acquired the property for $518 million, with TMW holding an 80% share and Tishman owning 20%. They secured a three-year floating-rate loan totaling $325 million from Westdeutsche Immobilien, thereby avoiding $9 million in mortgage recording taxes. Tishman Speyer undertook further ground-floor renovations by closing off the Fifth Avenue entrance and establishing a new lobby on 53rd Street. The Noguchi artwork also underwent cleaning to remove algae accumulation. Exterior signage was updated in 2002 to reflect Citigroup’s relocation, and later that year Tishman engaged Lazard to market the building at a price of $900 million.
By mid-2003, Credit Suisse First Boston and German firm Commerzleasing und Immobilien emerged as leading candidates to acquire 666 Fifth Avenue. Commerzleasing agreed to purchase TMW’s 80% stake, valuing the property at $725 million; however, TMW exercised its right of first refusal by matching this offer and increasing its ownership stake to 95%. In 2004, Tishman Speyer obtained a five-year commercial mortgage-backed security (CMBS) senior loan worth $562.5 million from Lehman Brothers and UBS, structured into three pari passu notes. This interest-only financing included a $45 million mezzanine junior loan. An appraisal at that time valued the asset at $730 million with occupancy at 96.4%, generating annual net cash flows exceeding $52 million.
Acquisition and funding
In January 2007, Kushner Properties acquired 666 Fifth Avenue from Tishman Speyer and German firm TMW for $1.8 billion, marking the highest price ever paid for a single office building in the United States at that point. This transaction represented Tishman’s third significant acquisition within two years, following their purchases of the MetLife Building and Stuyvesant Town–Peter Cooper Village. The purchase was notable because Kushner Companies had previously concentrated on smaller multi-family residential properties in New Jersey, with only the Puck Building as their Manhattan asset. After Charles Kushner’s imprisonment in 2005, his son Jared took over leadership and relocated the company’s headquarters to 666 Fifth Avenue. Rather than openly marketing the property, potential buyers were approached directly, with Jared aiming to exceed the recent $1.5 billion sale of 1211 Avenue of the Americas.
The transaction closed in less than a week, an unusually rapid timeframe for due diligence on such a large asset. Kushner invested $50 million in equity and arranged financing for the remaining $1.75 billion through a syndicate of lenders. This included a $1.215 billion ten-year interest-only senior CMBS loan from Barclays and UBS, structured into six pari passu notes. Additionally, Kushner obtained $535 million in mezzanine debt divided into $335 million senior and $200 million junior tranches. The building was appraised at nearly $3 billion, creating a significant discrepancy between valuation and purchase price. Lenders projected that annual office rents would need to rise from $53.5 million to $118.6 million to maintain a sustainable loan-to-value (LTV) ratio. The senior loan corresponded to a 67.5% LTV but was effectively reduced to 60.75% based on appraisal value, which was attractive to credit rating agencies. Despite this, the debt service coverage ratio stood at only 0.65, meaning net operating income covered just 65% of senior loan interest obligations.
Challenges in financing
By late 2007, Kushner sold a 49% interest in the retail condominium segment of 666 Fifth Avenue to a consortium led by Carlyle Group and Stanley Chera for $525 million. The purchasers financed this acquisition with a $300 million mortgage from Barclays and a $135 million mezzanine loan provided by SL Green Realty, enabling Kushner to repay the senior mezzanine debt. In March 2009, following Kushner’s reported difficulties meeting mortgage payments, the CMBS loan was handed over to a special servicer. By 2010, an appraisal valued the building at approximately $820 million—less than half of its original purchase price three years earlier. In April of that year, Carlyle’s group listed portions of retail space for sale at prices between $600 million and $700 million. Inditex, owner of Zara, acquired 39,000 square feet for $324 million, setting a record for U.S. retail property transactions. Carlyle used proceeds from this sale to retire Barclays and SL Green loans and refinanced the remaining retail space with a $300 million loan from Morgan Stanley.
At the close of 2011, Kushner brought Vornado Realty Trust onboard as an investor; Vornado purchased a 49.5% equity stake for $80 million and took on half of the building’s debt burden. Kushner contributed an additional $30 million towards leasing efforts and renovations targeting roughly 30% vacant floor space. The lenders holding the $1.22 billion mortgage agreed to reduce the principal balance to $1.1 billion while deferring the remainder into a "hope note," repayable once vacancy decreased; loan maturity was extended to 2019 with lowered interest rates. This mortgage had been syndicated among firms specializing in subordinated debt such as AREA Property Partners, Starwood Capital Group, Colony Capital, and Paramount Group. Thomas J. Barrack Jr., founder of Colony Capital, stated that Donald Trump—Jared Kushner’s father-in-law—contacted him about investing $45 million in distressed debt after Kushner expressed concerns about Barrack's pressure tactics. AREA Property Partners held $105.4 million in debt and resisted restructuring efforts; reportedly, Kushner directed his publication The New York Observer to prepare a critical article about AREA’s CEO, which ultimately was never published.
In 2012, Starwood Capital Group acquired $30.82 million worth of air rights adjacent to Baccarat Hotel and Residences at 20 West 53rd Street. That July, Vornado agreed to purchase Carlyle’s remaining retail holdings for $707 million. Kushner Companies also reached out to Israeli businessman Beny Steinmetz’s family seeking investment opportunities. Between 2014 and 2016, Kushner Companies reportedly engaged in discussions with Qatar’s Prime Minister Hamad bin Jassim bin Jaber Al Thani as a potential backer; Barrack claimed he arranged these meetings but said that a tentative $500 million equity investment fell through following Donald Trump’s election as president in 2016. Other prospective investors included Saudi billionaire Fawaz Alhokair and South Korea’s sovereign wealth fund Korea Investment Corporation. French billionaire Bernard Arnault reportedly declined an invitation to invest.
The property incurred losses of $14.5 million in 2016 due to debt payments exceeding net operating income; it had recorded approximately a $10 million deficit in 2015 as well. Occupancy stood at roughly 70%, significantly below Manhattan’s average office lease rate of 91%.
Discussions with Anbang and Proposed Replacement Plan
In July 2016, Kushner Companies initiated talks with China's Anbang Insurance Group regarding a possible investment opportunity. By November of the same year, shortly after the U.S. presidential election and as Jared Kushner prepared to assume a role in the White House, Anbang's chairman and CEO Wu Xiaohui held a private meeting with Jared Kushner, Charles Kushner, and Laurent Morali at the Waldorf Astoria New York. It is reported that Benjamin Lawsky facilitated the introduction between Kushner and Wu. Chinese political analyst Minxin Pei indicated that Wu may have been seeking political leverage from the U.S. administration.
By March 2017, Bloomberg News revealed that Anbang was in discussions to invest $400 million into the property, which was valued at $2.85 billion—divided into $1.6 billion for office areas and $1.25 billion for retail space. The financing plan included over $4 billion in loans along with $850 million sourced from the EB-5 visa program. The upper stories were slated for conversion into luxury condominiums, while the Kushners intended to inject $750 million into retail development, maintaining a 20% ownership share. This arrangement would have pushed the building’s valuation to approximately $7.2 billion, potentially making it Manhattan’s highest-valued individual property. Certain deal conditions were described as “exceptionally advantageous,” including an exit strategy for Vornado Realty Trust and elimination of Kushner’s outstanding debt. These terms prompted scrutiny from Democratic lawmakers who called on the U.S. Treasury Secretary to conduct an inquiry through the Committee on Foreign Investment in the United States, citing Wu’s connections to the Chinese Communist Party. Shortly thereafter, Anbang denied any investment plans.
After this deal fell through, Zaha Hadid Architects proposed a $12 billion skyscraper project for the location—potentially ranking as the third most costly building worldwide. Kushner planned to strip the existing structure down to its steel frame and add forty additional floors. Scheduled for completion in 2025, the design included a nine-story vertical shopping mall, an eleven-floor hotel, and numerous luxury condominiums, complemented by new parkland replacing nearby buildings. To distance the project from negative connotations associated with “666,” the tower was to be renamed 660 Fifth Avenue. In April 2017, Charles Kushner met with Qatari Finance Minister Ali Sharif Al Emadi to explore funding options; however, Qatar’s sovereign wealth fund opted not to participate amid escalating geopolitical tensions leading up to the Qatar diplomatic crisis. During this period, Jared Kushner reportedly aligned with Saudi Crown Prince Mohammad bin Salman rather than U.S. Secretary of State Rex Tillerson. Kushner Companies denied any direct negotiations with Qatari government officials.
Due to escalating expenses and risks linked to the luxury market, Vornado’s Steven Roth advocated for a more conservative office renovation approach instead of a new skyscraper. The inability of Kushner Companies to secure equity partners or lenders ultimately led to cancellation of Hadid’s tower plan. The building’s appraisal declined by over $25 million in 2017 following an increase in senior mortgage interest rates from 5.5% to 6.353%. Rental income covered only about half of interest obligations that year, down from approximately two-thirds previously. Toward the end of 2017, several Democratic members of Congress raised concerns about whether Kushner Companies had sought financing from foreign governments for refinancing purposes.
Confronted with significant debt burdens, Vornado announced its intention to sell its 49.5% ownership stake in February 2018; by mid-2018, Kushner agreed to acquire this share for $120 million, thereby dissolving their partnership.
Acquisition and Redevelopment by Brookfield Properties
In August 2018, Brookfield Properties entered into a 99-year lease agreement for the building, while the Kushner family retained ownership of the land beneath it. The transaction amounting to $1.286 billion allowed for the complete payoff of the senior mortgage but resulted in a $300 million "hope note" being written off. Brookfield committed to investing more than $600 million to upgrade the lobby, facade, and mechanical infrastructure of the property. The acquisition generated debate due to the Qatar Investment Authority’s (QIA) 9% ownership stake in Brookfield Property Partners; nonetheless, QIA denied any direct interest in this particular asset, and Brookfield asserted that no reciprocal arrangement existed involving either the Trump family or QIA.
By February 2019, ING Bank had extended a $750 million loan to Brookfield intended for renovations, while Apollo Global Management reportedly provided an additional $300 million mezzanine loan. Subsequently, in April, Vornado divested a 48% share of its retail holdings—including the retail condominium at 666 Fifth Avenue—to QIA and Crown Acquisitions.
Brookfield unveiled plans in October 2019 for a $400 million refurbishment scheduled to commence after tenant leases expired in late 2020. The building was rebranded as 660 Fifth Avenue. Renowned architect Kohn Pedersen Fox was commissioned to remove numerous interior columns, introduce double-height ceilings alongside four outdoor terraces, and replace the existing aluminum cladding with expansive floor-to-ceiling glass panels. Upon completion in 2023, Brookfield aimed for rental rates surpassing $100 per square foot—ranking among the highest in New York City. In May 2020, Kushner Companies announced their move to the nearby General Motors Building. That June, Brookfield paid $8.5 million to terminate Kadima Realty Associates’ lease prematurely and had expended $22.7 million year-to-date acquiring lease buyouts from five tenants.
The recladding of the exterior began in February 2021, coinciding with the official adoption of the new building name. This new address and facade replaced the last remaining distinctive elements of the original design. By November of that year, panels on the upper floors were removed; by January 2022, recladding was completed on most lower floors and some upper stories; by April only the top seven floors awaited recladding. In May 2022, Macquarie Group became the first tenant to occupy space after renovation, leasing six floors; other occupants included 400 Capital Management with a one-floor lease. The curtain wall installation reached rooftop level by July 2022 and was finalized by January 2023.
In August 2024, Uniqlo acquired its retail space at 660 Fifth Avenue for an estimated price between $340 million and $350 million.
Office Occupants
Prior to its opening, approximately 80% of the building’s office space was leased. Early tenants featured diverse industries including conglomerate Foster Wheeler, entertainment giant Warner Bros., personal care manufacturers Revlon and Helene Curtis Industries, advertising agencies Benton & Bowles and Ted Bates & Co, as well as exporter American Export-Isbrandtsen Lines. Tenant spaces were tailored to specific needs, such as Warner Bros.’ two-story theater and modular office configurations for Foster Wheeler.
During the late 1960s, companies like document management leader Xerox and lingerie brand Bali Company secured leases within the building. Financial services firm Mutual of America established its headquarters in a 62,000-square-foot area at 666 Fifth Avenue in 1976. By 1979, other tenants included Donovan Data Systems (a computer services firm), Keydata Corporation (a timeshare business), Loews Cineplex Entertainment (a theater chain), and brokerage firm Shearson. In the 1990s, oil company AGIP Petroleum also occupied space.
Several notable law firms have leased substantial areas:
- Akerman LLP occupied 48,000 square feet on the 19th and 20th floors before planning to vacate in 2019.
- Norton Rose Fulbright maintained offices until their departure in 2015.
- Orrick, Herrington & Sutcliffe held a lease for 102,000 square feet from 1995 until leaving in 2009.
- Starting in 2010, Schiff Hardin leased 48,000 square feet across the 16th and 17th floors.
- Vinson & Elkins renewed and expanded their tenancy to cover 81,000 square feet in 2010.
Financial sector tenants have been prominent as well:
- Hedge fund Citadel LLC leased an extensive 500,000 square feet in 2024.
- In 2002, Citigroup occupied six floors totaling approximately 198,000 square feet but chose not to renew about 75,000 square feet following the Great Recession after 2008.
- Colliers International leased roughly 57,000 square feet on the fourth floor starting in 2013.
- Mutual of America maintained a footprint of about 175,000 square feet until relocating in 1991.
- Hedge fund Millennium Management, led by Israel Englander, occupied approximately170,000 square feet until late 2020.
- Investment bank William Blair & Company utilized around40,000 square feet until their exit in2018.
Publishing firms with offices at this address included:
- Bantam Books, which occupied about175,000 square feet on the24th and25th floors beginning in1968; it later became part of Bertelsmann’s American subsidiary Doubleday before moving out by1992.
- The headquarters of DC Comics was located here prior to relocating to1700 Broadway during the1990s.
Retail tenants
At the outset, Marine Midland Bank operated a branch on the ground floor. The Italian airline Alitalia maintained its office and reservation center within the building, with interiors crafted by Gio Ponti. In 1978, B. Dalton established a bookstore at this address, and by the latter part of the 20th century, retail space was occupied by Ted Lapidus.
In November 1997, the National Basketball Association revealed plans to launch its inaugural retail outlet in the building’s southern section. The NBA Store, designed by the Phillips Group, spanned from the basement up to the second floor and featured a distinctive spiraling wooden ramp alongside a half-sized basketball court contained within a -high atrium. In 1998, Brooks Brothers secured the northern retail space, signing a 15-year lease valued at $5 million annually after Nautica withdrew. Their store showcased a glass facade and a limestone-floored sales area approximately -feet tall, with stair access to an upper level. Around 2000, Hickey Freeman introduced a -square-foot store designed by Robert A. M. Stern in the former Fifth Avenue entrance area, notable for its Doric columns and coffered ceiling.
In 2008, property owners compensated Brooks Brothers with $47 million to end their lease six years ahead of schedule, and in 2009, they paid bankrupt Hickey Freeman $11.96 million for early termination. The NBA Store ceased operations in 2010 due to prohibitive rent costs. The following year, Japanese retailer Uniqlo secured an unprecedented 15-year lease valued at $300 million for approximately at the building’s base, outbidding competitors such as Topshop, Nordstrom Rack, and AllSaints. This three-story location—Uniqlo’s second in the United States and Fifth Avenue’s largest non-department store retail space—opened in October 2011, occupying floors from ground level through the third.
The flagship store for Hollister Co. Epic New York debuted in 2010, featuring storefronts equipped with live video streams from Huntington Beach displayed across 179 flat-screen televisions. In February 2011, Swatch signed a 15-year lease worth $80 million for the remaining retail area.
In media
The construction of 666 Fifth Avenue was documented in the 1959 film Skyscraper, directed by Shirley Clarke. Characterized as a "musical comedy about the building of a skyscraper," it received critical praise upon release and earned an Academy Award nomination in 1960. Cultural critic Susan Sontag mentioned the building in her 1964 essay Notes on "Camp", noting its divergence from camp aesthetics due to an absence of affectionate design elements.
The Top of the Sixes also attracted media interest; it is featured in a scene from the 1990 novel Good Omens, and served as the setting for the opening lunch scene in the film The Wolf of Wall Street.