Nordstrom Inc. will be docking its flagship store in New York City sometime in 2018. The Seattle-based fashion retailer has acquired the first seven floors, about 285,000 square feet, of Extell Development's proposed 88-story residential condominium at 225 W. 57 St. for $102.5 million.
The complicated large-scale project, at the corner of 57th Street and Broadway, is being orchestrated by Extell and founder Gary Barnett. The development group is also the creator of One57, another unique residential building at 157 W. 57th St.
"This is a terrific opportunity for us to open our best store in the very best retail market," a spokesman from Nordstrom's public relations office said in an interview. The search took a very long time and Nordstrom is excited to work with Extell, he said.
Several other adjacent land parcels/buildings at 217 W. 57th St.; 223 W. 58th St. and 1780 Broadway have been purchased by the developer, according to media reports.
Bruce DePaola, a partner at Paul Hastings, and associate Heather Lockhart, represented Nordstrom.
Ronald Sernau, a partner at Proskauer Rose and cochair of the firm's real estate department, represented Extell.
Nordstrom acquired a fee title to the portion of the building that encompasses the first seven floors at 225 W. 57th St., including five floors above grade and two below grade, DePaola said. The development group did not comment on the details or the scope of the project, which reportedly includes a hotel and more than 200 residential units. Nordstrom's retail portion will contain several different shopping venues with access from Broadway, 57th and 58th Streets.
"We intend to be on our game since we have a chance to build a new store with size and a layout to work for us in Manhattan," Nordstrom's spokesman said.
Nordstrom, first established as Wallin & Nordstrom in 1901 as a Seattle shoe store, has evolved into one of the nation's leading fashion specialty retailers.
It has 247 stores across 33 states, including Nordstrom Rack and full-line stores and Jeffrey boutiques and provides a range of services through www.nordstrom.com. There are more than a half a dozen stores positioned in the New York Metro area, including Nordstrom's Rack at Union Square and other stores in Garden City, White Plains, Huntington Station and Paramus, N.J. Two new Nordstrom Racks will be opening next year in Brooklyn on Fulton Street and Manhasset with another planned in Syosset.