High-powered hedge fund Millennium Management is eyeing a move out of Kushner Cos.’ 666 Fifth Ave. — the latest possible blow to the cash-hemorrhaging tower.
Millennium, headed by Israel (“Izzy”) Englander, could leave behind 170,000 square feet at the 1.3-million-square-foot tower which is already 30 percent vacant, sources told The Post.
Although one insider said Millennium was merely “weighing its options,” brokerage sources confirmed that the firm is in advanced talks to move to Boston Properties’ 399 Park Ave. It wasn’t clear how Millennium would get out of its lease at 666 Fifth, which was recently renewed.
The fund has also had talks with other Midtown landlords, sources said.
The jinxed 666 Fifth faces a $1.2 billion mortgage coming due in February. It reportedly lost $24 million this year.
Meanwhile, in the churning 666 Fifth drama, Kushner Cos. — now run by company founder Charles Kushner and President Laurent Morali — is in talks to buy out its minority partner Vornado’s 49.5 percent stake in the building.
Simultaneously, Brookfield Asset Management is in talks to replace Vornado’s stake at 666 Fifth once Kushner buys out Vornado.
Brookfield would then redesign the obsolescent tower for modern use as well as take control of management and leasing.
Losing Millennium would be “a bad pill for Kushner,” one source said. “It will mean further reduced cash flow and also strengthen Brookfield’s hand in the talks with Kushner.”
Millennium is not unhappy with its space at 666 Fifth, but Millennium fears that “nobody knows what the hell is going to happen there, and they want out of Dodge,” a different source said.
Reps for Kushner and for Millennium declined to comment.