Nordstrom pays $103M for store at Extell’s 225 West 57th Street

TRD New York /
Aug.August 27, 2013 10:42 AM

Retailer Nordstrom has shelled out $102.5 million for the site of its planned Midtown flagship store which will anchor Extell Development’s residential condominium skyscraper at 225 West 57th Street. Seattle-based Nordstrom’s New York store will occupy the first seven floors of the 88-story tower that will stretch 1,550 feet, according to property records.

Nordstrom said its new outpost, slated to open in 2018, will have 175,000 square feet of floor space, according to the retailers’ public filings seen by the New York Post, which reported the transaction. When Nordstrom first announced the deal last year, the store was set to be 285,000 square feet, and Nordstrom execs said the store needed to be “at least 225,000 square feet” to make sense, as The Real Deal reported at the time.

A spokesman for Barnett’s Extell Development didn’t immediately respond to requests for comment.

The developer had recently cleared the way for the Nordstrom deal by paying $25 million for the Beethoven piano building at 232 West 58th Street.

The price for land — about $586 per square foot — indicates that the sale may be merely a down payment, the Post said, or a sort of insurance policy for the retailer, should anything go awry in the development process. The department store said it planned to buy the floors as a commercial condominium when the agreement was first announced.

Gary Barnett’s Extell has recently been under investigation for receiving a tax abatement intended to spur residential development in underserved areas for his ultraluxury One57 condos, down the street from the Nordstrom site. [NYP]  – Hiten Samtani


Related Articles

arrow_forward_ios
One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)

Extell lands $690M refinancing package for One Manhattan Square

Extell lands $690M refinancing package for One Manhattan Square
Extell Development's Gary Barnett (Credit: Getty Images and iStock)

Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower

Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower
Central Park Tower

Extell just went public with Central Park Tower listings

Extell just went public with Central Park Tower listings
Clockwise from top left: 180 Ashland Place. 180 East 125th Street, 35 Commercial Street and 2440 Fulton Street (Credit: Google Maps)

The top 10 biggest real estate projects coming to NYC

The top 10 biggest real estate projects coming to NYC
Gary Barnett and 149 East 124th Street (Credit: Google Maps)

Extell’s plan for East Harlem development site revealed

Extell’s plan for East Harlem development site revealed
Central Park Tower and Gary Barnett

Pricey listings including UES townhouse, Central Park Tower condos go live

Pricey listings including UES townhouse, Central Park Tower condos go live
Gary Barnett, Central Park Tower, and the Tel Aviv Stock Exchange Bull (Credit: Wikipedia, iStock)

Extell’s Israeli bonds put on downgrade watch

Extell’s Israeli bonds put on downgrade watch
Clockwise from the top: 500 East 30th Street, 1 Ellis Street and 2555 Broadway (Credit: Google Maps)

NYC’s 10 biggest new real estate projects

NYC’s 10 biggest new real estate projects
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...