Macy’s is about to sell five stories of their nine-story building at 422 Fulton Street and the parking garage at 11 Hoyt Street (aka 217 Livingston Street) to Tishman Speyer for $170 million, according to Crain’s. Macy’s will consolidate commercial operations to 310,000 square feet, spanning the basement to the fourth floor, and Tishman will fund extensive renovations for those floor. As for the five upper floors Tishman is purchasing, those will be converted to office space and five more floors will be added up top. In the end, 10 stories of integrated office space is planned.
At 11 Hoyt Street, YIMBY revealed conceptual designs of a redeveloped mixed-use property when the site was still up for grabs. The five-story garage comes with 584,000 square feet of air rights, and will more than likely be demolished. YIMBY revealed additional redevelopment designs back in June during the site’s competition.
Although consolidating space in Brooklyn, Macy’s is expanding in Long Island City, where it is taking 150,000 square feet of space in the Factory Building, at 30-30 47th Avenue.