Macy’s is contemplating selling its downtown Brooklyn store and building another nearby, according to a report in Women’s Wear Daily reblogged by Racked. Alternatively, the store could “redevelop the existing structure with apartment units on higher levels and a shrunken version of the department stores on the first few levels, á la the forthcoming Nordstrom,” as Racked put it.
Not long ago, the department store said it was evaluating what to do with the store, often criticized for being lackluster, now that downtown is gentrifying and attracting new retailers. Macy’s could realize $300,000,000 from a sale, estimated WWD. It owns a nearby parking lot and could build a new store there.
The store at 422 Fulton Street was built in 1930 in the Art Deco style. The building actually combines three different structures, so “floor and ceiling heights are not uniform throughout,” said Racked. It might be easier and cheaper to build new rather than renovate, sources speculated to WWD. Macy’s declined to comment to WWD.
What do you think Macy’s should do with the store?
Macy’s Rethinking Brooklyn Unit’s Future [WWD] GMAP
Is Macy’s Saying Goodbye to Its Downtown Brooklyn Flagship? [Racked]
Building of the Day: 422 Fulton Street [Brownstoner]
Photo by Nicholas Strini for PropertyShark