11 West 34th

Wells Fargo has filed a $23m. pre-foreclosure action against the owners of a six-story retail property located at 11 West 34th Street in the Garment District of Manhattan. The property spans 17,153 square feet and is occupied solely by Foot Locker. The joint venture owning the property includes Richard Cohen, Ten Nissan LLC, Jeff Sutton’s Wharton Properties, and an entity affiliated with SL Green Realty. The loan matured in Jan ’23 but was not paid off. The lender sent a default notice in Feb ’23. The property has been owned by members of the Cohen family since the mid-1980s, with ownership transferred to the current owner entity in Dec ’10. The loan amount was increased from $18m to $23m in Dec ’15. On the tax block, there was one new building construction project filed, a hotel/dormitory/shelter building, but it has not been permitted yet.