The Macy's in Herald Square isn't the only one of the department store's locations maximizing its real estate potential — the Flushing store could have a redevelopment period of its own. The Real Deal is reporting that Macy's new landlord, Crown Acquisitions, will take over management of the four-story, 225,000-square-foot property at 136-50 Roosevelt Avenue with a 99-year ground lease.
So what does this mean for the newfound IRL home of Korean beauty e-commerce destination Peach and & Lily? The real estate blog is speculating that the management company could work with Macy's to redevelop the property and bring in new tenants. "We believe at some point in the near future the rents will be greater than what Macy's is paying," Isaac Chera, Crown Acquisitions' owner told the Wall Street Journal.
But the department store doesn't have plans to leave the space, the blog reported, with a department store spokesperson saying that Macy's has no plans to quit its 65,000-square foot lot within the building.
This may not mean that the Flushing location is in danger — but if this location does close, it would join the 40 of Macy's 770 existing stores that will shutter this year and the 14 that shut down in early 2015 as part of a plan of a restricting plan to focus more on online sales and omnichannel retailing — instead, a few of the rumored changes to the department store's Herald Square location (hello, Soulcycle and Drybar!) sound more plausible.