Macy’s reveals details of Fulton Mall store makeover
Macy’s, Inc. and Tishman Speyer on Wednesday announced they have signed a real estate purchase and sale agreement that will enable a re-creation of Macy’s Downtown Brooklyn store and further enliven one of New York City’s most dynamic, transit-rich neighborhoods.
Macy’s will continue to own and operate the first four floors and lower level of its existing nine-story Fulton Mall store, which will be reconfigured and remodeled. Tishman Speyer will buy part of the site, which it will develop into approximately ten floors of architecturally-distinct, headquarters-quality office space with appeal to a wide range of diverse companies. The developer also agreed to buy Macy’s Hoyt Street parking facility, which could be used for a future mixed-use development.
Macy’s will receive $170 million in cash from Tishman Speyer for its Brooklyn real estate assets and an additional $100 million over the next three years as a contribution toward renovation of the Brooklyn Macy’s store.