Report: Nordstrom Pays $102.5 Million for Its NY Flagship Site

Coming to this 225 west 57th St. site in 2018: the new Nordstrom flagship.

Coming to this 225 west 57th St. site in 2018: the new Nordstrom flagship.

New York—New details emerged this week about the long anticipated flagship that Nordstrom plans to open here in 2018.

For one thing, the Seattle-based retailer evidently plunked down $102.5 million to own the site of its flagship, which will serve as the anchor to what will be one of the tallest skyscrapers in the world.

In a report by The New York Post, property records showed that Nordstrom plans a seven-story store on a site that comprises a 40,000-square foot block, which fronts on the northern side of 57th Street between Broadway and Seventh Avenue and extends to 58th Street, where once the original Hard Rock Café was housed.

“At $586 per square foot, it is likely that Nordstrom’s purchase ‘of a fee below a plane’ — essentially the land and associated development rights without additional air rights — is a down payment for the future delivery of its store. The deal also could give Nordstrom control of the site should something go awry with its development by New York real-estate mogul Gary Barnett,” the Post reported.

Though Nordstrom finally confirmed in June where the 285,000-square-foot flagship location would be, few other details have been forthcoming.

What is known is that the store’s entrance will be on the eastside of Broadway and the store will anchor an 88-story residential condominium tower that will reach some 1,550 feet into the midtown skyline. That would make the proposed building taller than the Empire State Building (which is 1,454 feet to the top of its antenna) and nearly as tall as One World Trade Center which will supposedly have an official height of 1,776 feet.

Nordstrom Inc. recently confirmed it will also be opening a Rack store at the Fulton Mall in Brooklyn and that its three-year-old Treasure & Bond, a SoHo-based charity concept store, has closed.

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