REAL ESTATE

Macy’s real estate worth twice as much as the business

BY CSA STAFF

Macy’s sales may be declining, but not the value of its massive real estate holdings, according to the New York Times.

In a story titled “Grand Buildings Help Keep Macy’s Afloat,” the paper sourced the investment firm Cowen as reporting that the department store chain’s more than 600 stores have an estimated value of $16 billion, dwarfing Macy’s $6.4 billion market value.

Macy’s Herald Square flagship in New York City alone is worth $3.3 billion, according to Cowen.

The article holds that the grand designs of old Macy’s locations are coveted for conversion to office or residential uses.

“Many of its oldest stores are a developer’s dream — soaring spaces with ornate exteriors in the heart of major American cities,” it read.

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