Newmark has been exclusively retained by Wells Fargo (the “Lender”) to offer for sale the $23 million defaulted loan secured by the fee simple interest in 11 West 34th Street (the “Subject Collateral”). 11 West 34th Street is a rare, standalone, retail asset in the heart of Herald Square. The Subject Collateral is comprised of 20,262 SF over 6 stories and a lower level.

11 West 34th Street is currently occupied by Footlocker through March of 2026 and generates an in-place NOI of over $2.6M today. Investors can benefit from the in-place cash flow stream with ample time to find a replacement tenant or negotiate a renewal with Footlocker. Moreover, new ownership has the ability to capitalize on the unique signage space by utilizing the windows on the upper floors to provide an exceptional branding opportunity.

The Subject Collateral is located directly across the street from the Observatory Entrance at Empire State Building, benefitting from the over 4 million annual visitors. Situated at the gateway to the West Side, 11 W 34th Street is well positioned to capitalize on the continued redevelopment of Penn District and Manhattan West. The Subject Collateral is located in one of New York City’s prime retail locations, sitting just half a block from Herald Square itself and the world-renowned Macy’s Flagship store. This densely packed retail corridor boasts more than 100MM pedestrians passing through annually and has recently seen positive leasing velocity such as Primark’s lease of nearly 80K SF at 150 W 34th Street marking a significant commitment to Herald Square.

Moreover, the Subject Collateral has some of the best access to transportation in Manhattan. 11 West 34th Street is steps away from the B, D, F, M and N, Q, R, W subway lines that service the 34th Street Herald Square station and is just an additional block away from the 1, 2, 3 and Penn Station. Please direct all inquiries to Newmark.