Macy’s Shopping Around Brooklyn Properties, Requests Proposals

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More details have emerged about Macy’s plans for its downtown Brooklyn store and parking garage. The retailer, Federated Department Stores, is shopping around both in the form of a request for proposals from developers, The Real Deal reported.

CBRE is marketing the two buildings. The request for proposals asks developers to build a new 300,000-square-foot Macy’s on the property or rehabilitate the old store plus include a 25,000-square-foot Bloomingdale’s Outlet store, both with frontage on Fulton Street.

The store at 422 Fulton Street is an 841,099-square-foot Art Deco building with 759,800 square feet of development rights (it’s currently over FAR), according to PropertyShark. The 290,356-square-foot parking garage (pictured above, from the back) with 584,000 square feet of development rights sits across the street from the retailer’s Brooklyn store at 422 Fulton Street.

Potentially any sale would give a developer about 1 million square feet of residential development rights (minus the retail). The two buildings could sell for up to $160 a foot, or a whopping $160,000,000, according to TRD.

The garage is partially owned by the Chera family, who ran the Young World retail store. Federated sold them a neighboring property at 425 Fulton Street in 1985, and the deed for the sale grants the Cheras five small pieces of property scattered around the parking garage at 11 Hoyt. The Chera family’s small stake in the garage, totaling only 10,000 square feet, could make the property complicated to sell or develop, and will give Chera say in the deal, according to the paper.

Last month, Macy’s hinted that a sale was being considered, but did not provide details. Depending on what gets developed here, this project could have a big impact on the architecture and retail landscape in Downtown Brooklyn.

Crown Acquisitions Owns Quiet Stake in Macy’s Brooklyn Garage [TRD]
Brooklyn Macy’s Could Become Apartments [Brownstoner]

8 Comment

  • Dear God, they better not tear down the Macy’s buildings. It’s a beautiful building on the outside that just need a little TLC to shine.

  • I was wonder how long that garage would last.

  • Wow, I can’t believe the Macy’s building isn’t landmarked! I assume it was when I read the prior post about it being possibly being converted to residential units. I certainly hope no one tears it down! But I also hope Macy’s leaves. And the idea of adding another outlet store to the area is awful. Anyway, Macy’s is essentially a giant outlet store.

    • Saved by benign neglect, like 6th Avenue in Manhattan was, from 14th to 23rd Streets. Now the area is finally hot again, commercially and with all the high-rise residential development, and Macy’s—which is no longer a local retailer, but nationwide, having engulfed such far-flung stores as Gump’s in San Francisco and the Marshall Field stores in the Midwest—is seeking to get rid of the store in favor of the main store in Herald Square.

      A depressing development for us, but cold calculation for them. With the rise of the Internet for shopping, retail department stores are changing forever.

      • Cate

        AFAIK, Gump’s is still operating at 135 Post Street. Federated bought I.Magnin, sadly. :( It was a very beautiful store, and Federated removed all the fixtures, such as the 1930s handpainted smoked mirror glass vitrines in the beauty department. The ladies’ room was famed for its all-encompassing green marble interior and lotion dispensers. Now it’s just extra space for Macy’s and the floors don’t line up.