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Old Posted Aug 13, 2015, 2:44 AM
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Hypothalamus Hypothalamus is offline
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Join Date: May 2012
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Rename: NEW YORK | 11 Hoyt St (217 Livingston St) | FT | FLOORS

A recap:

The nine-story 422 Fulton Street will be expanded by five stories. The first four levels will be the Macy's. Upper 10 levels are offices.

Tishman plans to redevelop the five-story parking garage at 11 Hoyt Street/217 Livingston Street. It's not known if 450-458 Fulton Street is going to be purchased/incorporated. It also doesn't appear Macy's is requiring new space in this part of the redevelopment.


Macy's will spend $100 million making over outdated downtown Brooklyn store



By Adrianne Pasquarelli
August 12, 2015

Quote:
Macy's downtown Brooklyn store is shrinking—and getting an upgrade in the process.

The department-store chain plans to retain four of the nine floors of its Fulton Street site. The remaining five will be sold to real estate developer Tishman Speyer for $170 million in cash. Macy's will receive $100 million from Tishman over the next three years for renovations.

"In recent years, it has become clear that our Fulton Street store requires major improvements in order to serve the Brooklyn of today," said Chief Executive Terry Lundgren in a statement. "We invested the time and resources necessary to fully study and understand the opportunity for making a major positive impact on Brooklyn."

Mr. Lundgren has been talking about renovating the store, first opened in 1865 as Abraham and Straus, for years.

The project is a first in Brooklyn for Tishman, which plans to develop its portion of the property into 10 floors of office space. It will also buy Macy's parking facility on Hoyt Street.

Macy's, which employs 490 staffers at the store, all of whom are expected to remain, plans to convert its 378,000 square feet of shopping space on nine floors to 310,000 square feet on five floors, including the basement. It will refurbish the interior to allow for more merchandise, uncover windows to add more light, upgrade the restrooms and install new elevators and escalators. The company's photo studio, which had been located at the building, is moving to a new 150,000-square-foot facility in Long Island City.

[...]

The parking garage:

Quote:
Originally Posted by Hypothalamus View Post

Cars out, high-rises in on downtown Brooklyn lots

BY JOE ANUTA
MAY 4, 2014 12:01 A.M.


Quote:
High on that list is a 60-year-old, five-story parking garage across Hoyt Street from Macy's Brooklyn flagship store—a plot large enough to hold an approximately 580,000-square-foot residential tower. And while the department store is keeping mum on any plans, that hasn't stopped developers from salivating over its lot, as well as two nearby street-level lots owned by Edison Properties with a total of 31,000 square feet.
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Last edited by Hypothalamus; Aug 13, 2015 at 2:56 AM.
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