Macy’s inks lease at Bronx shopping mall site

November 09, 2011 02:16PM

Macy’s has inked a lease for 160,000 square feet at the Mall at Bay Plaza, a site under construction at the Bronx’s Bay Plaza Shopping Center slated to open in 2014, Crain’s reported. Macy’s will take up three floors at the development, by Prestige Porperties, connecting to an existing 150,000-square-foot JC Penney.

The new Macy’s will “deepen our presence in the diverse and densely populated New York marketplace,” Ron Klein, chief stores officer for Macy’s, said in a statement. Macy’s currently has one store in Manhattan, two in Brooklyn, three in Queens and one in the Bronx’s Parkchester area.

Prestige is currently trying to lease the remaining 470,000 square feet of the Mall at Bay Plaza, for which asking rents range from $100 a square foot to $200 a square foot, according to Crain’s.

Meanwhile, the Macy’s in Herald Square is getting a four-year, $400 million renovation, the company announced last week. The renovation will begin in the early spring and continue through the fall of 2015, and all the while, the store will remain open. [Crain’s]