The Real Deal New York

Crown, Starwood close on Herald Square Old Navy for $255M

Air rights would allow for site to be redeveloped into 300,000 sf building
April 29, 2014 08:30AM

Crown Acquisition Group and Starwood Capital Group officially closed on the purchase of a retail property at 150 West 34th Street for $255 million.

Air rights would allow for the site, Between Broadway And Seventh Avenue, to be redeveloped into a 300,000-square-foot hotel and retail tower, as The Real Deal previously reported. The buyers entered contract for the four-story, 80,000-square-foot property last month. The deal closed last week for roughly $850 per buildable square foot, the New York Post reported.

Doug Harmon and Adam Spies of Eastdil Secured represented both parties. The tenant, Old Navy, has about three years remaining on its 20-year lease.

“At the current moment, we believe there is considerable upside in the existing retail box,” Nicholas Doering-Dorival, vice president of Starwood, told the New York Post. [NYP]Mark Maurer