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New York City, Nordstrom Inc. has signed a non-binding letter of intent on the 200,000-sq.-ft. site of the former Drake Hotel at Park Avenue and 56th Street in New York, according to a report in Women’s Wear Daily. “This is not a binding agreement,” a source told to WWD. “They are still a long way from any deal being finalized. Nordstrom is looking at a bunch of different options with various developers.” The source added the letter of intent “sets forth parameters to put together a lease deal or a purchase deal.” “The letter of intent gives a developer a basis for getting financing, and for a bank, it takes away some of the risk,” another source told WWD. It also opens the door to further due diligence on the site.
The report also indicated that the company could also consider sites of different sizes, depending on the layout, the footprint of each level, ceiling heights and other physical factors. Aside from the space concerns, Nordstrom requires a location that attracts an upscale audience, has heavy pedestrian traffic all week and lots of public transportation nearby.
The Drake Hotel redevelopment is L-shaped, which would enable Nordstrom to have three entrances—on Park Avenue, 56th Street and 57th Street. Barneys New York, on Madison Avenue between 60th and 61st Streets, has a similar L-shaped configuration, the report said.