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Nordstrom Coming to Manhattan

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Upscale department store Nordstrom plans to finally open a store in Manhattan, in a planned hotel/residential tower at 57th Street and Broadway, according to The New York Times. The store will contain 285,000 sq. ft. of space.

Nordstrom has been looking for a site in Manhattan since the 1990s, but hasn't been able to find the right opportunity. The retailer did open a Nordstrom Rack store at Union Square in 2010.

According to the Times story:

The location on 57th Street is about 20 blocks north of Macy's and well west of Saks Fifth Avenue and the luxury stores on Madison Avenue. But Nordstrom may be trying to capitalize on the success of the multilevel retailing at Time Warner Center in nearby Columbus Circle, where the sales volume at its shops reportedly runs to about $1,600 per square foot.

Brooke White, a spokeswoman for Nordstrom, declined to comment, as did Gary Barnett, chief executive of Extell Development. But the real estate executives, who spoke only on the condition of anonymity as they were not authorized to discuss it, said that Nordstrom planned to make an announcement about the store on Thursday with Mayor Michael R. Bloomberg.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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