The Real Deal New York

Macy’s considering sale of Fulton Street store

Retailer could take advantage of high market prices and open new store on adjacent site
July 16, 2014 05:50PM

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