Coach is seeking to unload its ownership interest at 10 Hudson Yards, where it signed on to be the anchor tenant, as the handbag maker weathers a prolonged sales slump.
The move comes more than a year after The Post first reported that Coach was reconsidering its 40 percent stake in the skyscraper — still under construction — to free up cash for other corporate needs.
Earlier this month, Coach said North American retail sales fell 11 percent in the latest quarter, which was better than the 20 percent drop in the prior period.
To get more favorable terms on the new office space, Coach agreed to become a partner in the joint development with Related Cos. and Oxford Properties and purchase roughly 740,000 square feet at a price equal to the $70 a square foot it would pay for rent.
Eastdil Secured is now marketing Coach’s interest in the building, according to Bloomberg. As part of the deal, Coach intends to lease back its offices from the buyer.
On Thursday, Boston Consulting Group joined a tenant lineup that also includes software maker SAP and beauty giant L’Oreal, bringing the building’s occupancy to 92 percent.
