Retail Detail. One Step Forward, Two Steps Back For Nordstrom Deal in NYC

February 14, 2008 • Shopping


It’s not easy to find 200,000 square feet of upscale retail space in Manhattan. Just ask Nordstrom. They are trying in vein it would seem to open a flagship store in the one city where they currently have no presence.

to WWD, the Seattle-based retailer’s plan to open a
store on the former Drake Hotel site, on the northwest corner of Park
Avenue and 56th Street, has hit serious snags.

fall, Nordstrom signed a nonbinding letter of intent to move into the
former hotel, which is being redeveloped by Macklowe Partners. However,
last week Macklowe was served with a notice of default after talks
faltered with Deutsche Bank and other debtors on refinancing seven
skyscrapers in New York City. The financially troubled Macklowe now
runs the risk of losing some properties.

What makes this parcel attractive is that it would give Nordstrom an entrance on 57th
Street (near, including Prada, Burberry and Dior) and entrances on Park Avenue and 56th Street
where there is less of a fashion crowd.

Macklowe bought the
80-year-old Drake from Host Marriott in 2006 for a price estimated at
around $440 million. The developer has air rights to build up and is
considering condominiums and retail space for the mix. The plans could
change if another developer took over the property.

Read "It’s Tough in New York: Nordstrom Hits Hiccup Securing Flagship Site"

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