WWD.com/fashion-news/fashion-scoops/rent-collector-ross-7250793
fashion-scoops
fashion-scoops

Ross Stores Buying New York Building

The off-pricer has agreed to buy the building that houses its New York buying office for $222 million by Sept. 20 of next year.

fashion-scoops/news

RENT COLLECTOR ROSS: Ross Stores Inc. isn’t shying away from bricks and mortar. The Pleasanton, Calif.-based off-pricer has agreed to buy the building that houses its New York buying office, at 1372 Broadway on the corner of 37th Street, for $222 million by Sept. 20 of next year. Ross will post a 10 percent deposit for the 21-story structure and would forfeit the $22.2 million if it chose or was unable to complete the purchase, according to a Securities and Exchange Commission filing.

The company said it’s reviewing financing alternatives for the building, which was built in 1914 and, including land, was listed as having a market value of just over $200 million. It was purchased last year by Starwood Capital Group and Herald Square Properties LLC for an undisclosed amount.