Kenneth Cole-related entity secures $60M debt package for its Hell’s Kitchen HQ

Fashion company bought 601-615 West 50th Street in 2006

TRD New York /
Jan.January 03, 2019 12:30 PM

Kenneth Cole and 601-615 West 50th Street (Credit: Getty Images and Google Maps)

This fashion mogul doesn’t need to design on a dime in the Far West Side. Wells Fargo provided $60 million to refinance Kenneth Cole’s Hell’s Kitchen headquarters, according to a public record filed with New York City’s Department of Finance.

The deal for HQ, which sits at the junction of 50th Street and 11th Avenue, includes a $10 million gap mortgage. It replaces debt that Natixis originated but recently was assigned to LibreMax.

Wells Fargo and Kenneth Cole did not immediately return requests for comment.

The refinancing covers two parcels, with addresses of 601 and 615 West 50th Streets.

Kenneth Cole Productions, Inc. purchased the site in 2006 for $24 million from APF Properties, according to public records.

Eventually, the fashion company named for its chief designer transferred the deed in 2017 to an LLC tied to KCP Holdco Inc., another Kenneth Cole-related entity that in 2012 acquired Kenneth Cole Productions, Inc.

Kenneth Cole’s headquarters sits in one of the Opportunity Zones created by President Trump’s 2017 tax reform, which allows investors to defer taxes on capital gains by putting money into projects in qualified zones. Sources said the fashion company had considered putting the property up for sale last year.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
A rendering of 1998 Second Avenue in Harlem and Peter Fine (Credit: GF55 Architects)

Peter Fine inks $70M construction loan for Harlem resi project

Peter Fine inks $70M construction loan for Harlem resi project
Andrew Florance, CEO of CoStar (Photo by Jeffrey MacMillan for the Washington Post)

EXCLUSIVE: CoStar’s Andy Florance on buying Ten-X, the future of office buildings and why brokers don’t need discounts

EXCLUSIVE: CoStar’s Andy Florance on buying Ten-X, the future of office buildings and why brokers don’t need discounts
An institutional investor’s sale of a 7 percent stake in an exchange-traded real estate fund reveals deep concerns about the sector. (Credit: iStock)

Mystery investor dumps big stake in real estate fund

Mystery investor dumps big stake in real estate fund
Some of the world’s biggest banks — including Wells Fargo and Deutsche Bank — have engaged in a systematic fraud that allowed them to award borrowers bigger loans than were supported by their true financials (Credit: Alex Gottschalk/DeFodi Images; MANJUNATH KIRAN/AFP via Getty Images)

Whistleblower: Wall Street Has Engaged in Widespread Manipulation of Mortgage Funds

Whistleblower: Wall Street Has Engaged in Widespread Manipulation of Mortgage Funds
Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off
JPMorgan Chase's Jamie Dimon and Fortress Investment Group's Wes Edens (Dimon via Mark Wilson/Getty Images; Edens via Scott Olson/Getty Images)

JPMorgan, Fortress are the latest firms to build up war chests

JPMorgan, Fortress are the latest firms to build up war chests
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...