Macy’s considering sale of Brooklyn flagship
July 16, 2014-- Home Textiles Today,
New York – According to a report in today’s Women’s Wear Daily, Macy’s is halting the overhaul of its Brooklyn flagship as it contemplates selling the property for redevelopment.
The report cites unnamed sources regarding the Fulton Street location, which has grown in real estate value thanks to the area’s rebirth. Known as the Fulton Mall, the shopping district has gained a more upscale feel recently with the addition of stores like Banana Republic Factory Store and Nordstrom Rack.
Sources said the property could bring in $300 million for its 841,000 square feet and the article included speculation that it would be redeveloped as a condominium tower with a smaller Macy’s on the lower level.
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