Neiman Marcus Negotiating Hudson Yards Deal
Al Barbarino March 28, 2014, 1:31 p.m.
Dallas-based department store Neiman Marcus is reportedly negotiating a deal for a New York flagship store at Hudson Yards.
The New York Post reported that the upscale retailer is in talks with Related Companies to anchor the Hudson Yards’ 1 million-square-foot retail complex with a multilevel store as large as 200,000 square feet at a long-term rate between $30 and $40 a square foot.
The retailer may have hesitated on its New York foray because of its existing Bergdorf-Goodman store on Fifth Avenue, Faith Hope Consolo of Prudential Douglas Elliman, told the publication.
“They never wanted to come and have their own stores compete with Bergdorf’s,” she said.
Related has signed deals with Time Warner and Coach for office space at the development, but the Nieman deal would mark the first premier retailer at the 37-million-square-foot, $20 billion project.
New owners of Neiman Marcus, Ares Management and the Canada Pension Plan Investment Board, could be looking to make good on the $6 billion it used to acquire the brand last September, some said.
While others balked that the site, at the corner of 30th Street and 10th Avenue, is too inaccessible, Ms. Consolo countered that she would visit the store even if it “was in the middle of the river.”