Macy’s is considering starting from scratch in Brooklyn.
Instead of embarking on a costly renovation of its Fulton Street location, the retailer may instead sell the building and construct an entirely new store, Women’s Wear Daily reported. The new location could be a stone’s throw away at 1-31 Hoyt Street, a site occupied by a Macy’s-owned parking lot, according to the paper.
“We are studying ways to improve the Brooklyn store, but really have no comments to make at this time,” a Macy’s spokesperson told the paper.
Should Macy’s decide to sell the 841,000-square-foot property, it could fetch around $300 million. The paper based that calculation on current real estate prices in the area between $300 and $400 per square foot.
An unnamed real estate president told the paper a fresh start at a new store would make sense due to problems at the Fulton Street building that would necessitate complex and expensive renovations. [WWD] and [Racked] – Tom DiChristopher