The Real Deal New York

Coach closes West Side HQ deal for $126M

December 19, 2008 04:55PM
By Adam Pincus

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Accessories designer Coach closed on the purchase of its 12-story West
Side corporate headquarters at 516 West 34th Street at 10th Avenue for
$1.7 million less than the contract price announced in the summer.

The handbag and luggage company paid $103.3 million and assumed $23 million in loans on the building, for a total cost of $126.3 million, according to city records published today. On July 11, the company said it was paying $128 million for the approximately 265,000-square-foot building.

Coach, founded in 1941, closed on its purchase from two entities,
Bauman 34th Street and Goldberg 34th Street, on November 26, the
records showed. It moved to the building as a tenant after deciding in
1967 not to leave Manhattan, according to a New York Times article from
that year.

Calls to the company were not immediately returned.

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