The not-quite-haute-and-mighty Coach is in such a sales freefall, we hear it is reevaluating its long-touted move to the upcoming new Related Cos. and Oxford Properties skyscraper at 10 Hudson Yards. The tower won't be ready for several more years.
At the end of October, the company reported sales slumped 19 percent in North America and 10 percent overall. It also now plans to close 70 North American stores, which is a fifth of its retail locations.
Coach has already agreed to sell its current nearby office building at 516 W. 34th St. to Related, which would redevelop it into another tower. It also rents space at 450 W. 33rd St., which it is giving up.
Coach also agreed to purchase the new, 737,774 square feet of offices, with options to buy two more floors. As its first anchor, as an incentive, the costs were to equate to Related's costs: a rental value of $70 per foot and total price of more than $740 million.
As an early Hudson Yards anchor tenant, Coach will also receive a 40 percent property tax break.
But now, sources said the thinking is that Coach could resell its new condominium and likely lease it back to free up the cash for other corporate needs.
Neither Coach nor its broker, Mary Ann Tighe of CBRE, returned requests for comment. Stay tuned.
The International Olive Building has been crowned.
Crown Acquisitions has not only signed a 49-year lease to operate the landmarked 453 Broome St. on the southwest corner of Mercer St., but has also resurrected a 15-year lease on the retail space with Zadig & Voltaire that was in litigation.
By the middle of next year, the edgy French fashion house will be able to move into 4,800 square feet of ground-floor space that is now vacant and previously occupied by the Gourmet Garage.
The longtime owners of the 25,000-square-foot building had signed the fashion retailer, but ended up in litigation as the owners lacked the expertise to renovate and remove numerous violations on the 1900 building.
Crown's Chera family was happy to step in, settle the litigation with the retailer and provide the ownership with cash flow while spending $5 million to restore the exterior and gut renovate the ground floor retail.
This effort will return to them via the $20 million the retailer is expected to spend over the life of its lease.
According to public documents, Crown also has an option to buy the land if the owner later decides to sell.
Zadig & Voltaire's men's and women's clothes and bags are prized by celebrities from Vanessa Hudgens to Emma Watson. It already has four other stores in the city, at 992 Madison Ave.; at 831 Washington St. in the Meatpacking District; at 409 Bleecker St.; and nearby in Soho at 153 Mercer St.
Boston-based real estate tech tenant, Neoscape, is relocating its city digs from 18 E. 17th St. and tripling its size in a new lease for the entire 14th floor of 6,151 square feet at 256 W. 38th St.
Jamie Jacobs and David Falk of Newmark Grubb Knight Frank represented Neoscape, while the NGKF team of Michael Frantz and Paul Davidson represented the building.
One of my first road trips as a real estate writer was led by Glenn Markman of Cushman & Wakefield, who convinced me to cross the East River and take a walk with him on the then wild side of Brooklyn through Metro Tech and Brooklyn Heights, where he and his brother, Greg, owned the Heights Café and now own Dellarocco's Authentic Neapolitan Pizzeria.
Over the years, I kvelled over photos of his baby son, Clio, and later daughter, Edie Ray, as well as his accomplishments and pro bono work as a philanthropist. Glenn passed away at home Tuesday morning of esophageal cancer, but on Sunday, was outside his building watching now-teenage Clio run in the New York Marathon. Condolences to Clio, Glenn's wife, Jan Testori-Markman, daughter Edie Ray, and the rest of the family.
Contributions can be made to The New York Community Trust-Glenn Markman Memorial Fund, 909 Third Ave., 22nd Fl., New York, NY 10022.
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