DOWNTOWN BROOKLYN — THE ICONIC MACY’S BUILDING in Downtown Brooklyn was sold, reports The Real Deal. A group of investors with real estate mogul Al Laboz’s United American Land has purchased the 440,000-square-foot Macy’s space for an undisclosed price. Laboz and his partners, Isaac Chera of Crown Acquisitions and the Chehabar family of the Jackson Group, plan to redevelop the historic property at 422 Fulton Street. This deal seems to seal the closure of Macy’s, which real estate experts anticipated after Macy’s announced its plans to close 150 of its stores by 2026, according to The Real Deal, which reported that “Macy’s real estate is worth more than the company’s $4.6 billion market capitalization.”
Tishman Speyer, which owned the building, partnered with Macy’s to bring the famous name, immortalized in movies, to Brooklyn. The New York Times pointed out in a 2019 story that the city never granted the building at 422 Fulton St. landmark status, which would have protected it from real estate tycoons, even though the site is significant to the borough’s merchant history.
Abraham & Straus was originally founded in 1865 further down at 285 Fulton St. The Straus family had a partnership with Macy’s as early as 1888, but A&S didn’t become part of Macy’s until much later.
SUNSET PARK — “As a resident of Marine Park, one of the great surprises I found biking around Industry City and visiting Japan Village was to discover Bush Terminal Park. I continue to be amazed at the serene hideaways that the city offers in some of the busiest places — and, still, with an iconic view.”
BROOKLYN HEIGHTS — ‘A miracle that no one was killed …’ That’s what neighbors are saying about the collapse of the Hotel St. George marquee. Shown in this photograph are workmen beginning the removal and repair of the historic, old neon sign at the corner, referencing a relic of Brooklyn Heights’ past: the St. George Hotel.
ATLANTIC AVENUE — Exhausted shopper with cluster of bags and goods from mall at Boerum Place stops to look at huge construction site across the street. “Is that REALLY going to be a jail??” Her male companion is reassuring, “Nothing like Rikers … this is 21st Century.”
BROOKLYN HEIGHTS — Overheard in line at one of most popular pastry outlets on Montague Street: “Hope I can get them into a camp …” A mother with two pre-schoolers in tow was showing a friend the Dodge Y flyer for Healthy Kids Day on Saturday, April 18.
