Lord & Taylor: On the Street – Episode 1

This month marks a very sad day for many New Yorkers and people around the world. The famed and iconic Lord & Taylor storefront will be closing it’s doors for good.

The prized location at 5th avenue and 39th street has been sold to We Work for more than $800 million. At 656,000 square feet, that’s more than $1,000 per square foot.

While Lord & Taylor will still operate online and other retail locations around the Country, this flagship property will become the Corporate headquarters for We Work and now serve in a different capacity.

424-434 Fifth Avenue officially opened in 1914, just before World War I. It was designed by Starrett & Van Vieck, the famed architectural firm and stands at 11 stories tall.

Interestingly enough, the fifth avenue location was actually the third version of Lord & Taylor, as the original location was Catherine Street before moving to Chrystie and Grand in 1845.

When the building was first sold in 2017, the original plan was that WeWork (now Manhattan’s largest private office tenant) would relocate its global headquarters to the building but leave Lord & Taylor with 105,000 square feet. Hudson Bay’s stock price fell by more than a third between 2016 and 2017, and after the building sale, they continued to struggle to maintain profitability, leading to the decision to entirely close their flagship.

Lord & Taylor has always been one of my favorite stores in Manhattan. It’s a place where I have shopped for many years. Like many New Yorkers, there is a great nostalgia for Lord & Taylor, as this was a destination for so any years, especially during the holiday season. Lord & Taylor always offered some of the best incredible Christmas decorations during the holiday season.

I hope you enjoy this edition of on the Street. Please contact me for any real estate needs at garayrealestate@gmail.com

 

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