If you are moving to New York, you might as well dream big--at least that seems to be the view adapted by upscale department store chain Nordstrom as it prepares to open a flagship here. The New York Post reports the retailer just paid $102.5 million for the site of its future New York flagship, at 225 W. 57th Street. The store, Nordstrom's first full-price location in the city (it already operates a Nordstrom Rack in the Union Square area), will occupy 175,000 sq. ft. on the first seven floors of a planned 88-story residential tower that will be one of the tallest buildings in the world, at 1,550 feet.
Nordstrom paid approximately $586 per sq. ft. to secure the site--a significant discount from the average retail rents in the area. It plans to open the store sometime in 2018.