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The New York Post reports that Nordstrom has paid a whopping $102.5 million for its future Midtown flagship, slated to open in 2018. The article explains: "At $586 per square foot, it is likely that Nordstrom's purchase 'of a fee below a plane' — essentially the land and associated development rights without additional air rights — is a down payment for the future delivery of its store. The deal also could give Nordstrom control of the site should something go awry with its development by New York real-estate mogul Gary Barnett."
To recap, the department store first announced its official plans for Manhattan last June, after roughly five years of retail rumors. The company also recently confirmed that a Rack is opening at the Fulton Mall, and that Treasure & Bond, the charity store in Soho, would close.
The article also adds that Nordstrom's seven floors of retail space will anchor what's poised to be "one of the tallest buildings in the world."
· Nordstrom buys its 57th St. store, jumbo skyscraper pending [NYP]
· A Brief History of Nordstrom Rumors in New York City [Racked NY]
· Nordstrom Will Open on W.57th Street Around 2018 [Racked NY]