LATEST NEWS

Moneybags: Did Coach Really Cash Out Their Hudson Yards Space For $707 Million?

The chic hand bag company recently sold its headquarters in New York’s Hudson Yards development for $707 million.

By Team Agorafy August 3, 2016
Credit: Hudson Yards Website

I think it’s safe to say that anyone involved in Coach’s recent real estate transactions won’t be traveling by coach anytime soon. The chic hand bag company recently sold its headquarters in New York’s Hudson Yards development for $707 million under a sale and leaseback agreement, having paid $530 million for it three years ago.

Related: City Within a City: Hudson Yards to Change NYC’s West Side

The transaction wasn’t pure profit, though as Coach also paid $220 million to build out the space. The transaction is part of a broader deal that sees the property management unit of the German Insurance giant, Allianz buying a 44% stake in 10 Hudson Yards, the first building completed in the 1.8 million square foot tower. Coach populated the site to much fanfare, citing unique design that includes a giant video wall, a Coach product library, a 15 story atrium and double height conference rooms looking directly down on the high line. Their lavish building will not be going to waste, though. As part of the deal the company agreed a 20 year lease to stay put.

Coach lobby, 10 Hudson Yards. Images: Steve Freihon for Related Oxford.

Related Cos. is leading the $20 billion, 28 acre Hudson Yards development with Oxford Properties Group. Without naming Coach, their anchor tenant, specifically, Related CEO, Jeff Blau told Bloomberg Televisionthat a deal along the lines of Coach’s “was always a part of the original plan…to stabilize the building and then recapitalize.”

Hudson Yards, is the largest private real estate deal since the economic downtown and will be completed in its entirety by 2025 with more than 125,000 people a day expected to either work it, visit or call Hudson Yards home. The development will include 17 million square feet of commercial and residential space and more than 100 shops and restaurants. When completed Hudson Yards is expected to generate nearly $500 million annually in New York City taxes and bring more than 55,000 jobs to the new neighborhood.

Team Agorafy

ABOUT THE AUTHOR Team Agorafy

ABOUT THE AUTHOR Team Agorafy

Our mission is to be the most accurate resource for commercial listings, residential listings, and property information, allowing users to make highly-informed decisions based on current market data.

  • AGORAFY
    Stefano Boeri, the architect mastermind behind the famous plant-covered skyscrapers, is now designing Forest Cities in Liuzhou, China. #ForestCity #China https://goo.gl/PsTUwv
  • AGORAFY
    Auction is the second scheduled in a month for a One57 unit and it could set a NYC foreclosure record. #BillionairesRow #Foreclosures https://goo.gl/NZ3zqD
  • AGORAFY
    Once a couch-surfing website, Airbnb moves on to luxury properties, further disrupting hospitality industry. #Airbnb #Luxury https://goo.gl/7TpLk6
Four Countries To Retire In With $200K In Savings—And How Much Real Estate Costs There
Ever dreamed of retiring abroad? You know, affordable healthcare, better climate, more positive news—becoming an expat seems like an enticing option, especially one you no…
While Other Real Estate Platforms Start Charging Agents $3-Per-Day Exposure Fee, Agorafy Remains Accessible To All
Real Estate searching platform are always finding news ways to diversify their revenues models. Case in point—on Tuesday July 18, Streeteasy, one of New York…
Is Real Estate Crowdfunding The Fix That Urban Housing In America Really Needs?
Saving money for a down payment? One can only hope. Most millennial in their twenties or thirties are mortified that they might never be able…
Brooklyn And Queens’ Real Estate Sub-Markets Continue Their Ascent To The New Heights
So, the sales prices in Brooklyn and Queens hit record highs. Again. Just like they did in December 2016 and at the end of this…
The Economy Of Car Services And Delivery Apps Might Be Making NYC Less Eco-Friendly
Living in an eco-friendly neighborhood is a good thing. And, as it always the case with the good things, it also costs more. High rents…
Building Communities: What The U.S. Developers Should Learn From Soho China
As our world emerges into the new period of globalization and technology, some of the most important by-products of this process are buildings that have…
Five Reasons Why All Entrepreneurs Must Keep Their Eyes On China
It is hard to overestimate the importance of Chinese influence on the modern global economy. Carving out a place in Chinese market and winning over…
Airbnb Up Their Game With A New Luxury Tier Featuring Mansions And Villas
Airbnb is about to seriously up their game. First, the company started testing a new service called Select in an attempt to push accommodation listings…