New York, NY— Paul Hastings, a leading global law firm, announced today that the firm represented Nordstrom, Inc. in its recent acquisition of a development site for its first store in New York City, a 285,000-square-foot retail space which will be bounded by 57th Street, 58th Street, and Broadway. Nordstrom acquired a fee below a plane (located approximately 255 feet above grade) and entered into a reciprocal easement agreement with Extell, as the owner of the air rights above 2,455 feet.
As part of this representation, the firm negotiated a development agreement with Gary Barnett and Extell Development Company pursuant to which Extell will construct the core and shell components of the Nordstrom store as part of a major mixed-use real estate development of approximately 865,300 square feet. Upon completion, it will be one of the tallest buildings in New York City, at approximately 1,450 feet and 87 stories.
Real Estate Partner Bruce DePaola led the Paul Hastings team, which included associates Heather Lockhart and Alyssa Lust.
Paul Hastings LLP is a leading global law firm with offices in Asia, Europe, and the United States. We provide innovative legal solutions to financial institutions and Fortune 500 companies. Please visit www.paulhastings.com for more information.