SL Green Realty pays $90M to Kenneth Cole for office property in Clinton

SL Green Realty through the entity 707 11 Owner LLC paid Kenneth Cole Productions Inc.’s Kcp Building Holdco, LLC $90.0 million for 603 West 50th Street at 615 West 50th Street and 601 West 50th Street in Clinton. The deal closed on January 10, 2020, and was recorded on January 21, 2020. The transaction consists of 2 parcels, including the tax class office building with two to six stories (O2). The parcel(s) have total development potential of 154,038 square feet.
The average sale price per square foot is $584.

Savills’s Woody Heller and David Heller represented Kenneth Cole. Kenneth Cole signed a lease with SL Green to occupy 40,000 square feet of the building.  The last time the property sold was June 15, 2006, when Kenneth Cole bought it for $24,000,000.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $90,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link