New York City — Macy’s Inc. (NYSE: M) has announced plans to close 150 of its namesake department stores over the next three years. According to the retail giant, these stores represent 25 percent of the company’s gross square footage as of fiscal year-end 2023 but only account for 10 percent of sales. (Macy’s fiscal 2023 ended Feb. 3, 2024.) Macy’s anticipates closing approximately 50 stores by the end of fiscal year 2024, the locations of which have not been disclosed, though CNBC reports some are located in California, Florida, Hawaii and Virginia. …
New York
Rome, N.Y. — BWE has secured an $8 million loan for the acquisition of Freedom Plaza, a shopping center located in Rome in central New York. Tenants at the property, which totals 197,397 square feet, include Grand Union, Dollar Tree, Domino’s and Marshalls. Hobby Lobby is also scheduled to open at the property this year. Alan Tapie of BWE arranged the five-year, fixed-rate financing on behalf of the borrower, Octave Investment.
New York City — Retailer Five Below has opened a new, 9,500-square-foot store in the Bronx borough of New York City. Located on Metropolitan Avenue, the space is situated within the Parkchester mixed-use development. A 170,000-square-foot Macy’s anchors the retail portion of the development, which also features office and residential units. Olshan Properties is the landlord.
New York City — JLL Capital Markets has arranged $395 million in refinancing for 70 Pine Street, a mixed-use property located in the Financial District of New York City. Originally built in 1932 and renovated in 2016, the 66-story property features 39,075 square feet of retail space, in addition to 612 rental residences and a 165-room hotel. Christopher Peck, Geoff Goldstein and Christopher Pratt of JLL secured the financing through Goldman Sachs on behalf of the borrowers, DTH Capital and Rose Associates. Retailers at the building include restaurants SAGA and Crown …
Hicksville, N.Y. — JLL has arranged the sale of Broadway Commons, a 730,000-square-foot retail center in the Long Island community of Hicksville. The center was 97 percent leased at the time of sale to tenants including Round 1 Bowling & Amusement, Showcase 12 Cinema, H&M, Old Navy, Blink Fitness, Buffalo Wild Wings, On the Border, Hook & Reel, Panera Bread and Blaze Pizza. Jose Cruz, Kevin O’Hearn, J.B. Bruno and David Monahan of JLL represented the undisclosed seller in the transaction and procured the buyer, a partnership between KABR Group, BTF …
New York City — Rooftop Hospitality Group has signed a 15,000-square-foot lease at 520 Eighth Ave., a 26-story office tower in the Garment District of New York City. The tenant, which owns and operates 230 Fifth Ave. Rooftop Bar, plans to open a rooftop restaurant and lounge at the location. Planned construction at the site includes the addition of a floating deck system, new kitchen space and restrooms, as well as modifications to one of the building’s elevators. David Kaye and Matthew Mandell represented the landlord, GFP Real Estate, on an …
New York City — JPMorgan Chase & Co. (NYSE: JPM) announced plans today to expand its brick-and-mortar footprint by adding 500 Chase bank branches over the next three years. The New York City-based institution also plans to renovate 1,700 existing bank locations across the United States. New branches will expand JPMorgan Chase’s footprint in existing markets like Boston; Washington, D.C.; Charlotte, North Carolina; Philadelphia; and Minneapolis. The company will also enter several new markets, including low- to moderate-income rural communities that previously had little access to traditional banking service. The multi-billion-dollar …
Westbury, N.Y. — Two restaurant concepts have signed leases totaling 3,161 square feet at Samanea New York, a 750,000-square-foot retail development located in Westbury on Long Island. Artisan bakery Tous les Jours and Taiwanese tea concept YiFang Taiwan Fruit Tea will occupy 2,611 and 550 square feet, respectively. Construction is currently underway on both spaces. Dominic Coluccio represented the landlord, Lesso Mall Development, on an internal basis, in association with Colliers International, the exclusive broker for the property. Don Cafeor of JLL represented Tous les Jours, and JLL also represented YiFang …
New York City — Global luxury group Kering has acquired a multi-level retail property at 715-717 Fifth Ave. in New York City for $963 million. The Paris-based company manages the development of a number of major fashion houses including Gucci, Saint Laurent, Balenciaga and Alexander McQueen. The 115,000-square-foot space spans multiple levels at the base of the Corning Glass Building, a 28-story office tower developed in 1959. Rival fashion houses Dolce & Gabbana and Armani currently occupy the space. The Armani lease at the property is up in a few months, …
New York City — Retailer Macy’s has rejected a $5.8 billion buyout offer from Arkhouse Management Co. and Brigade Capital Management. In December 2023, the investor group submitted a bid to acquire the outstanding shares of the company not already owned by Arkhouse and Brigade for $21 per share in cash. The Macy’s board of directors has since determined “not to enter into a non-disclosure agreement or provide any due diligence information to Arkhouse and Brigade,” according to a press release from the company. A letter to the would-be buyers cited …