Paul Hastings Represents Nordstrom in Acquiring Site for First New York City Retail Store
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.
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