NEW YORK CITY—Even though Manhattan's first Nordstrom hasn't opened yet, the store already is expanding.
SL Green Realty Corp. and the Moinian Group have signed a 43,000-square-foot, 23-year lease with the upscale department store to anchor three levels of retail space at 3 Columbus Circle. The new store will serve as an expansion of the Nordstrom full-line flagship store, which is slated to debut on West 57th Street in 2018.
The transaction involved a series of lease modifications and relocations—including the buyout of the corner bank branch in advance of lease expiration—continuing SL Green's strategy of replacing below market leases throughout its portfolio, according to an announcement from both companies.
New Yorkers have waited a long time to welcome Nordstrom, a retailer that flourishes throughout the United States and which will further solidify Midtown Manhattan as the destination for high-end retail shopping," notes Brett Herschenfeld, SL Green managing director, "We are thrilled that such a prestigious, world-class retailer will anchor 3 Columbus Circle at the corner of Broadway and 57th Street."
Derek Trulson from JLL and Stephen Stephanou from Crown Retail Services represented Nordstrom while Jeff Winick of Winick Realty Group acted on behalf of the landlord.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
