Racked is no longer publishing. Thank you to everyone who read our work over the years. The archives will remain available here; for new stories, head over to Vox.com, where our staff is covering consumer culture for The Goods by Vox. You can also see what we’re up to by signing up here.
Remember those ambitious plans that Macy's had to renovate its Downtown Brooklyn flagship? Well, the company has pretty much thrown them in the trash. WWD is reporting that the company is considering selling the location, taking advantage of good pricing for an up-and-coming neighborhood.
With real estate prices in that area currently going for $300 to $400 a square foot, Macy's could stand to earn $300 million from selling the space that totals 841,000 square feet—"more than enough to fund a new, more compact and productive store," the paper writes.
And that store could be just across the street. WWD says that the department store owns the adjacent parking lot, and that property has been considered for development.
"We are studying ways to improve the Brooklyn store, but really have no comments to make at this time," a Macy's spokeswoman told the paper.
Part of the reason why the original renovation plans may be abandoned could be due to the complicated structure of the building—since it's an amalgamation of three formerly separate buildings, floor and ceiling heights are not uniform throughout.
Another route could be to 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.
"I believe they have quite a few options," an unnamed real estate president told the paper. "The building has a lot of problems, making a renovation very complex and very expensive. To start again with a new store would probably be smart."
· Macy's Rethinking Brooklyn Unit's Future [WWD]
· Finally: Downtown Brooklyn Macy's Is Getting a Major Overhaul [Racked NY]