Old New York: 144 West 34th Street
By Mortgage Observer June 5, 2014 4:00 pm
reprints
1900
A modest building at 144 West 34th Street in Herald Square is constructed around the same time that R. H. Macy and Company Store, now Macy’s Herald Square, opens.
1967
A group of owners, listed in public documents as Maida Backus, Angela Haigh, Helen Kresser, Charles Libbey, Ernestine Locke and Donna O’Connor, sell the property to a corporate entity listed as 144 West 34th Street Corp.
1980-86
In May 1980, 144 West 34th Street Corp. sells the property to a new owner, listed in public records as Plaza 34th Realty Associates. New York-based Ensign Bank, later to become part of Anchor Savings Bank, provides a $3.7 million mortgage to the building’s new owner in May 1986.
1997-98
The Kefadilis family’s KLM Construction Corporation acquires the building for an undisclosed price in February 1997. Atlantic Bank of New York lends $10 million on the property in November 1998, city records show. The 78,000-square-foot building undergoes a substantial makeover.
2000-13
The GAP, Inc.-owned clothing and accessories retailer Old Navy signs a 20-year lease at the three- story building to house its flagship New York store in 2000. Herald Square’s retail market continues to gain momentum over the next 13 years, with more name-brand stores signing in nearby buildings. In August 2013, the Swedish clothing chain H&M grabs headlines after signing a 25-year lease for its largest store in the world at 1293 Broadway, on the corner of 34th Street.
2014
A partnership between Starwood (STWD) Capital Group and Crown Acquisitions purchases 144 West 34th Street from KLM for $252 million on April 23, 2014. Morgan Stanley (MS) provides a $175 million loan to the new owners to help finance their acquisition, as Mortgage Observer first reports. Morgan Stanley lends $151.8 million in a permanent first mortgage, in addition to a second piece of just under $25 million. Marcos Alvarado, a senior vice president at Starwood Capital, says the building may be redeveloped.
