Developers are marketing bankrupt Neiman Marcus's flagship store — the heart of NYC's glitzy $25 billion Hudson Yards mega-mall — as office space
that Forty Five Ten, which occupies 16,000 square feet at the mall, may not reopen after stores it operates in Texas, as well as its online sales platform, remained shuttered despite coronavirus lockdowns being lifted in that state.
A spokesman for Related declined to comment. A spokeswoman for Oxford Properties has not responded to a request for comment. A spokesman for Neiman Marcus also did not immediately respond to a request for comment.A quarter of NYC office leases went to tech firms in 2019. Now, the fate of a blockbuster Facebook deal is make-or-break for the city — and a case study for the future of commercial real estate.
Neiman Marcus Group, the parent of the eponymous department store as well as the luxury store Bergdorf Goodman,after failing to make a payment on a portion of $5 billion in corporate debt it holds - a mountain of financial obligations that became untenable as its revenue plunged during the coronavirus lockdowns. The company has not yet revealed whether it will try to cut ties with any of its 43 Neiman Marcus stores around the country.
Related and Oxford spent $80 million building out Neiman's store and receive a small cut of the store's revenue in place of rent for the first five years of the brand's lease, generous terms that wereIn seeking to reimagine what was once the lynchpin of the Hudson Yard's project's one million square foot mall, Related and Oxford are attempting to tap into what they hope will be a more robust segment of the city's commercial real estate market.
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