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.