Walking down Fifth Avenue, you’d probably miss it if you weren't looking. It’s just another glass-clad monolith now. But for years, 666 5th Avenue New York NY was the most talked-about, stressed-about, and analyzed piece of real estate in the entire world. It wasn't just a building. It was a $1.8 billion gamble that almost broke an empire.
Things are different today. The building has a new name, 660 Fifth Avenue, and a completely different look. But to understand why the transformation was so radical, you have to look at the mess that came before it. Honestly, the story of this specific plot of land is basically a masterclass in what happens when "trophy hunting" in real estate goes sideways.
The Record-Breaking Buy That Started the Chaos
Back in 2007, the Kushner Companies, led by Jared Kushner at the time, decided they wanted to make a splash. A big one. They bought 666 5th Avenue for $1.8 billion. At that moment, it was the most expensive single-building purchase in U.S. history.
It was a bold move. Maybe too bold.
The timing couldn't have been worse. They bought at the absolute peak of the market, right before the 2008 financial crisis sent everything into a tailspin. Suddenly, the debt on the building was massive, and the income from the 1950s-era office space wasn't cutting it. It’s kinda crazy to think about now, but for over a decade, the owners were basically racing against the clock to keep the building from slipping into foreclosure.
The building itself was... well, it was dated. Built in 1957, it had those low ceilings that make modern tech companies feel claustrophobic. The Tishman family had originally developed it, and for decades, it was a prestigious spot. But by the 2010s, it felt like a relic. The aluminum "embossed" facade looked old-school in a way that wasn't "classic," just "tired."
Why 666 5th Avenue New York NY Became a Problem
The address itself didn't help.
Look, New Yorkers aren't usually superstitious about numbers, but "666" carries a lot of baggage. It's the "Number of the Beast." Even if you don't believe in that stuff, it’s a branding nightmare. You had tourists taking selfies for the wrong reasons and tenants who were a bit uneasy about having that number on their business cards.
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But the real problem was the math.
The debt was structured in a way that required a massive "balloon payment" in 2019. We’re talking hundreds of millions of dollars. For years, the Kushners searched for a partner. They talked to Anbang Insurance Group from China. They talked to investors in Qatar. Nothing stuck. The building became a symbol of over-leverage and the intersection of high-stakes real estate and global politics.
Then came Brookfield Properties.
In 2018, Brookfield stepped in with a 99-year lease, paying the rent upfront. This $1.28 billion deal basically saved the day for the Kushners, allowing them to pay off the mortgage and walk away from the day-to-day headache. But Brookfield didn't want the "666" baggage. They wanted a fresh start.
The $400 Million Face-Lift
If you visit 666 5th Avenue New York NY today—well, 660 Fifth—it’s unrecognizable.
Brookfield didn't just paint the lobby. They stripped the building to its bones. They ripped off that weird aluminum skin and replaced it with massive, floor-to-ceiling glass panels. Each panel is roughly 11 feet tall and 19 feet wide. It’s a complete 180 from the dark, cramped vibe of the original structure.
They also raised the ceilings. By removing some of the old mechanical systems, they created the kind of "open" feel that hedge funds and law firms pay top dollar for in Midtown.
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- The Facade: Gone are the 3,000+ aluminum panels.
- The Windows: Massive glass units that actually let you see Central Park.
- The Interior: A complete overhaul of the elevators and HVAC systems.
Kohn Pedersen Fox (KPF) was the architecture firm behind the redesign. They’re the same people who did Hudson Yards, so they know how to make a building look expensive. They basically turned a 1950s dinosaur into a 2020s glass jewel.
The Tenant Shift
Who stays at an address like this?
Historically, it was big names. Citibank had a huge presence. Brooks Brothers was a staple at the base for years. But as the building fell into disrepair and the debt crisis loomed, vacancy rates climbed.
Now, under the 660 Fifth Avenue banner, it’s attracting a different crowd. 400 Capital Management signed a big lease. Macquarie Group took up a massive chunk of space. The retail at the bottom is still some of the most expensive real estate in the world, sitting right across from St. Patrick’s Cathedral and Rockefeller Center.
Even with the rebranding, people still call it the "666 building" in casual conversation. Habits die hard in New York. But from a business perspective, the "666" identity is dead.
What Most People Get Wrong About the Building
There’s a common myth that the building was "cursed" because of the number.
Honestly? The "curse" was just bad timing and a high interest rate. If the Kushners had bought that building in 2010 instead of 2007, they would have been hailed as geniuses. The real estate market is less about the supernatural and more about the "yield."
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Another misconception is that the building was demolished. People see the new glass and think the old building is gone. Nope. The steel frame is still there. It’s a "re-skin." It’s actually more sustainable to do it this way than to tear the whole thing down and start over, especially with New York’s strict building codes and the nightmare of hauling debris out of Midtown.
Actionable Insights for Real Estate Nerds
If you’re tracking the Manhattan office market, there are a few things to take away from the saga of 666 5th Avenue New York NY.
First, "Class A" isn't forever. You have to reinvest in the "envelope" of the building or you’ll lose your tenants to the new shiny towers at One Vanderbilt or Hudson Yards. Brookfield knew they couldn't compete with the old layout, so they spent nearly half a billion dollars to fix it.
Second, the "rebranding" worked. Changing the address to 660 Fifth Avenue was a calculated move to distance the asset from both the religious connotations of 666 and the political headlines associated with the previous owners.
Finally, location is the only thing that didn't change. Fifth Avenue between 52nd and 53rd Streets is still the center of the universe for many global firms. You can change the glass, you can change the name, and you can change the owner, but you can't move the dirt.
If you’re planning to visit, the retail section is the easiest way to see the change. The "Top of the Sixes" restaurant that used to be on the 41st floor is long gone, but the ground-level experience is now much more in line with the luxury neighbors like Rolex and Cartier.
Next Steps for the Curious
- Check the views: If you can get access to one of the upper floors, the view of St. Patrick’s Cathedral from the new floor-to-ceiling glass is arguably the best in the city.
- Compare the old and new: Look up archival photos of the "aluminum" 666 Fifth from 2010 and stand in front of the 660 Fifth glass today. It’s one of the most dramatic architectural shifts in NYC history.
- Watch the vacancy rates: Keep an eye on the commercial real estate reports from firms like JLL or CBRE. The success of 660 Fifth is a bellwether for whether "re-skinning" old towers is a viable path forward for the rest of Midtown’s aging inventory.