Brooklyn Macy’s Lands $66M Loan
- Aug 04, 2020
Macy’s Inc. has received a $66.1 million loan for a Brooklyn store, according to public records. U.S. Bank provided the financing.
Located at 422 Fulton St., the property is a block away from the Hoyt Street subway station, less than a mile from Barclays Center and Brooklyn Heights Promenade, as well as roughly 2 miles from Brooklyn Navy Yard. The store is also home to a LensCrafters and provides curbside pick-up service. New York City’s assessor office shows the 12-story building was completed in 1920 on a 1.8-acres site. The structure’s upper floors are leased to Whittle School & Studios, which plans to open its doors in time for the 2020 school year.
As the ongoing health crisis continues to keep people inside, brick-and-mortar stores have been hit the hardest by reduced foot traffic and new safety regulations. In a recent report, Marcus & Millichap explores how preexisting trends have been accelerated by the current climate and what retail could look like in a post-pandemic world.