East West Bank refinanced a commercial building along a coveted stretch of Manhattan’s Fifth Avenue that is soon to house Microsoft’s flagship New York City store.
The California-based bank provided $50m in loans on 677 Fifth Avenue this summer to owner Kingsville Investments, whose offices are next door at 673 Fifth Avenue, city property records show.
Software giant Microsoft is set to open the long-anticipated flagship retail outlet this fall after agreeing to pay what was hailed as one of the most expensive rents signed last year for the 20,000-plus sq ft space. The Real Deal pegged the figure at $17m annually.
The software company continues to expand its retail presence with an aggressive push to reach customers with interactive retail stores akin to those of its greatest rival, Apple, which has its own Fifth Avenue store just five blocks north at the GM Building.
A company executive has said that the store will include an “experiential space” that will allow customers to do more than just browse shelved products.
The Microsoft store replaces a former Fendi outlet at the property. Fendi has left the building. Kingsville Investments and East West Bank did not return calls seeking comment/loan terms in time for publication.