Nordstrom (JWN) Finally Signs Lease in Manahattan; Shares Lower on Citi Call
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Effectively taking all the wind out of Nordstrom's (NYSE: JWN) "sales" Wednesday was Citigroup, which cut the retailer from Buy to Neutral and lowered its price target by 17.5 percent from $63 to $52.
Reports this morning suggest Nordstrom has finally pegged a spot in Manhattan to place its flagship store. How flagship? About 300,000 square feet and seven levels.
Having opened in New Jersey not that long ago, the retailer mulled going to NYC based on property prices and location. It's new shop is located far enough from Saks (NYSE: SKS) and Macy's (NYSE: M) to draw a different crowd. It's located near the Time Warner Center in Columbus Center, where sales volume is said to run $1,600 per square foot.
Put another way, most homeowners would boast a million dollar property if real estate was $1,600 per square foot.
The process for Nordstrom has been a slow one. The NY Times said Nordstrom spent about two decades looking for a site; now, with the site picked out, the retailer won't be able to move in until 2018, as the building is under development. Nordstrom will reportedly shell out $300 million for a portion of the building.
Owner of the building is Extell Development. To view the very "Inception"-like skyscraper under construction, Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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Reports this morning suggest Nordstrom has finally pegged a spot in Manhattan to place its flagship store. How flagship? About 300,000 square feet and seven levels.
Having opened in New Jersey not that long ago, the retailer mulled going to NYC based on property prices and location. It's new shop is located far enough from Saks (NYSE: SKS) and Macy's (NYSE: M) to draw a different crowd. It's located near the Time Warner Center in Columbus Center, where sales volume is said to run $1,600 per square foot.
Put another way, most homeowners would boast a million dollar property if real estate was $1,600 per square foot.
The process for Nordstrom has been a slow one. The NY Times said Nordstrom spent about two decades looking for a site; now, with the site picked out, the retailer won't be able to move in until 2018, as the building is under development. Nordstrom will reportedly shell out $300 million for a portion of the building.
Owner of the building is Extell Development. To view the very "Inception"-like skyscraper under construction, Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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