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Old Posted Oct 17, 2013, 9:01 PM
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Originally Posted by Eveningsong View Post
Are those two 12 story buildings at the corners of 34th street owned/leased from coach? I read somewhere that they lease space in several smaller office buildings around 34th street.
I'm not sure which buildings you mean, but could be. The building above is a headquarters.

On April 10, 2013, 504-514 West 34th Street Corp. and 516 West 34th Street LLC, both subsidiaries of the Company, entered into a purchase and sale agreement to sell the Company’s existing global corporate headquarters to ERY 34th Street Acquisition LLC.

Pursuant to this agreement, the Purchaser will pay approximately $130,000,000 to the Sellers, subject to apportionments, adjustments and credits as provided for in the agreement, for the parcels of land and the buildings located at 504-522 West 34th Street, New York, New York.

The Purchase and Sale Agreement is subject to, among other things, the Fund Member and the Developer performing their obligations pursuant to the Development Agreement and the LLC Agreement. The Purchase and Sale Agreement is expected to close 45 days after the Company vacates its existing headquarters, subject to customary adjournments.

Coach's earlier purchase of its headquarters...

On November 26, 2008, Coach purchased its corporate headquarters building at 516 West 34th Street in New York City for $126,300. As part of the purchase agreement, Coach paid $103,300 of cash and assumed $23,000 of the outstanding mortgage held by the sellers. The mortgage bears interest at 4.68% per annum and interest payments are made monthly. Principal payments begin in July 2009 with the final payment of $21,555 due in June 2013.
NEW YORK heals.

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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