Macy’s considering sale of Fulton Street store

Retailer could take advantage of high market prices and open new store on adjacent site

TRD NEW YORK /
Jul.July 16, 2014 05:50 PM

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

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