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http://http://m.nypost.com/p/news/bu...Xy9bOqQ8Ox1BvJ

Nordstrom buys its 57th St. store, jumbo skyscraper pending

Last Updated: 4:59 PM, August 26, 2013
Nordstrom will be settling on West 57th Street for the long haul.
The Seattle-based retailer has shelled out $102.5 million to own the site of its future Midtown flagship store, which will anchor one of the tallest buildings in the world, according to property records reviewed by The Post.
As first reported by The Post last June, the upscale chain will open its first New York department store at 225 W. 57th St. — with an entrance on the east side of Broadway.
The store will occupy the first seven floors of an 88-story residential condominium tower that will stretch 1,550 fee, according to property records.
That’s taller than the Empire State Building, which is 1,454 feet to the tip of its antenna, and nearly as tall as the upcoming One World Trade Center, whose official height of 1,776 feet is yet to be certified, but would also include its 408-foot tall spire.
Nordstrom, in public filings last week, said its new store, slated to open in 2018, will have 175,000 square feet of floor space. Last year, Nordstrom said the store will span 285,000 square feet.
A Nordstrom spokeswoman wasn’t immediately able to clarify whether plans for the store have been downsized. The larger figure also might include additional facilities such as mechanical space.
At $586 per square foot, it is likely that Nordstrom’s land purchase is a down payment for the future delivery of its store. The deal also could give Nordstrom control of the site should something go awry with its development by New York real-estate mogul Gary Barnett.
A spokesman for Barnett’s Extell Development didn’t immediately respond to requests for comment.
Last week, Barnett — now armed with more than $100 million to begin development of the giant tower — cleared the way for Nordstrom’s payment by purchasing the last piece of an odd-shaped land puzzle between West 57th and 58th streets that will become the site of the project.
Barnett bought the last holdout — the 20.2-foot-wide Beethoven piano building at 223 W. 58th St. for $25 million.
At the same time, Nordstrom became responsible for a token $1 million mortgage from a Blackstone entity, while Barnett obtained a new $300 million mortgage from Blackstone and paid off a previous HSBC loan of just under $250 million.
Barnett has agreed to convey the completed store to Nordstrom as a condominium. No condominium plan is yet filed.
The Nordstrom deal was announced last June by Mayor Bloomberg and Barnett along with Erik and Peter Nordstrom.
To date, the city Buildings Department has not approved plans for the new building.
Meanwhile, Beethoven piano store owner Carl Demler is now in contract to buy a building across the street, said his broker Ronen Korin of Manhattan Connection.
“He wasn’t so eager to sell,” added Korin, leading to the high price for the small building on what was known as Piano Row.
The sale to Barnett also wiped out previously paid off property tax liens on Demler’s building dating back to 1996 and 1999.
Nordstrom has also closed the Soho space that was the site of its announcement last year that was occupied by Treasure & Bond, a 3-year-old venture that was supporting city children’s charities.
That retail condo is owned by city comptroller candidate and former Gov. Eliot Spitzer.
lois@betweenthebricks.com