$270M Macy’s Deal Was Long Overdue: Brooklyn Pros | Noticias | Tishman Speyer

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$270M Macy’s Deal Was Long Overdue: Brooklyn Pros

Commercial Observer August 13, 2015

The Brooklyn real estate community breathed a sigh of relief yesterday morning when Macy’s announced it had sold off part of its building in the downtown section of the borough.

Tishman Speyer agreed to buy the upper portion of the aged 422 Fulton Street, whose main entrance is at the corner of Hoyt Street, for $170 million, and delve out another $100 million to Macy’s over the next three years to renovate its retail space. Macy’s will stay open during the renovation, which will start next year, and the department store wants the finished product to keep with the modern look of Downtown Brooklyn.

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