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Retail Combo Takes Vacant Union Sq. Megastore

NEW YORK CITY-Nordstrom will open Manhattan's first Nordstrom Rack off-price concept at the former Virgin Megastore; Best Buy is moving in next door.

By Paul Bubny | Updated on July 21, 2009

NEW YORK CITY-A pair of sizable retail vacancies at Related Cos.’ One Union Square South mixed-use development have been filled. Nordstrom will open its first Nordstrom Rack next spring in a 32,136-square-foot space at the former Virgin Megastore, while Best Buy will take the 46,000-square-foot space next door that was left vacant by the bankruptcy of its one-time competitor, Circuit City. The possibility of a Best Buy deal was reported in April by Real Estate New York, sister publication to GlobeSt.com.

Lease terms were not disclosed; rents are reportedly in the $400 per square foot range. Scott Meden, president of Nordstrom Rack, says in a release that the former Virgin site is “a rare opportunity that opened at the right time for us. Union Square is a thriving retail area and is an ideal location for the city’s first Rack.” With 30 feet of storefront, it will occupy the ground-floor level of the former Virgin site, which closed for business in June.

Nordstrom Rack carries merchandise from Nordstrom stores and Nordstrom.com at discounts of 50% to 60% off original Nordstrom prices. In the tri-state area, the company currently operates eight Nordstrom stores and three Nordstrom Racks.

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