The Real Deal New York

DivcoWest snags $91M financing deal for Hell’s Kitchen office building

Citizens Bank was the lender
By Mary Diduch | March 15, 2019 02:05PM

DivcoWest CEO Stuart Shiff and 311 West 43rd Street (Credit: Google Maps)

DivcoWest landed financing for the Hell’s Kitchen office building it just picked up from Billy Macklowe’s firm and one of its partners.

The California-based company secured $91 million from Citizens Bank for the building, located at 311 West 43rd Street between Eighth and Ninth avenues, according to property records filed Friday with the New York City Department of Finance. The deal replaces previous debt from SunTrust Bank.

DivcoWest and Citizens Bank declined to comment.

Cushman & Wakefield’s Gideon Gil, Chris Moyer, Noble Carpenter III and Zachary Kraft secured the financing on DivcoWest’s behalf.

Headed by founder and CEO Stuart Shiff, DivcoWest acquired the 14-story property late last year from William Macklowe Co. and Principal Real Estate Investors for about $131 million.
The partners had been trying to sell it since 2017, after buying the building in 2015 for $107 million.

Co-working giant WeWork in 2016 signed on to lease 64,000 square feet of space in the property, which is known as the Press building thanks to its history as the former Scribner printing plant.