Macy’s Sells Part of Brooklyn Store
Speaking of Macy’s, the retailer has announced a deal with Tishman Speyer to retain ownership of the lower four floors of its Downtown Brooklyn department store, while Tishman will buy the remainder of the building and develop it into high-end office space. The Macy’s store will get a facelift as part of the deal, Street Insider reports. Tishman will also buy the nearby Hoyt Street parking facility from Macy’s, which could become the site of a mixed-use development. The retailer will make out with $170M for its Brooklyn real estate assets and another $100M, doled out over three years, to cover the cost of renovating the Brooklyn store. Right now, the store takes up 378k SF on eight floors. Post-renovation, it’ll downsize to 310k SF on floors one through four, plus the basement level. [SI]
