Nordstrom to Hit Manhattan–Finally
- Jun 28, 2012
It’s been a long time coming. Nordstrom Inc. has had its eye on opening a store in Manhattan for years and years, and now the long-held plan is finally coming to fruition. The specialty fashion retailer will join New York City Mayor Michael Bloomberg and real estate owner Extell Development for the big announcement today.
Specifics will be revealed during this afternoon’s announcement. However, the New York Times has reported that Nordstrom has entered into an agreement to occupy a 300,000-square-foot space spanning seven stories in a mixed-use tower that Extell intends to erect at the site of the former Hard Rock Café, on W. 57th St. According to New York City property records, Extell acquired the site in 2005. The Times also noted that Nordstrom will ultimately shell out approximately $300 million on the purchase of its home, which is expected to reach completion in 2018.
Nordstrom has sought assistance in its pursuit of the right space for a Manhattan location on many occasions in the past. In 2007, the company tapped Madison Retail Group to provide site selection services.
Although Nordstrom won’t make its debut in Manhattan for another few years, if the current retail market holds up, the company’s timing will be just right. In the last 12 months, sales in New York City have skyrocketed 10.6 percent, due in no small part to foreign tourists’ desire to capitalize on favorable exchange rates, according to a second quarter report by Marcus & Millichap Real Estate Investment Services. Over the last 12 months, visitor volume has reached all-time highs.