424 Fifth Avenue

October 23, 2019

Will Midtown’s Lord & Taylor building be back on the market after multibillion-dollar WeWork bailout?

The biggest news to surface in the turbulent waters of the WeWork saga may be the multibillion-dollar bailout and takeover by Japanese company SoftBank following a failed IPO and a company valuation that skidded from a reported $48 billion to $8 billion in a matter of months. And as part of a scramble for cash, the office space sublease and coworking disruptor has been expected to divest of the Lord & Taylor building at 424 Fifth Avenue; WeWork purchased the high-profile property–the former home of the department store's flagship location–with partners Rhone Capital and Hudson’s Bay for $850 million earlier this year. But, as Crain's reports, the company may be trying to lease the 660,000-square-foot property to high-paying office tenants as a way to raise the needed funds.
Will the building be back on the market soon?

Real Estate Trends

October 1, 2018

Lord & Taylor will end its 104-year run with a massive sale and just two holiday windows

By Dana Schulz

Photo courtesy of Lord & Taylor At the beginning of next year, Lord & Taylor will close its Fifth Avenue flagship after a 104-year run. Owner Hudson’s Bay Co. sold the 676,000-square-foot Italian Renaissance building to WeWork for $850 million a year ago in an attempt to keep the department store brand afloat. With just a few months left at their storied location, Lord & Taylor will launch on Thursday a final “store closing” sale that will last through the holidays, according to the Post. And speaking of the holidays, they've also decided that instead of their normal six window displays between 38th and 39th Streets, they'll only decorate two this holiday season.
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Uncategorized

June 5, 2018

Lord & Taylor is closing its 104-year-old Fifth Avenue flagship store

By Devin Gannon

Photo courtesy of Lord & Taylor Lord & Taylor's iconic New York City flagship store will close its doors next year, after occupying the Fifth Avenue building for 104 years. In an attempt to keep afloat last year, Hudson's Bay, owner of the department store, sold the 676,000-square-foot building for $850 million to WeWork, who planned to make the landmark its new global headquarters. While Lord & Taylor was left with roughly 150,000 square feet of space at 424 Fifth Avenue, the company struggled to maintain profitability after the turnover of the building to WeWork. Including the iconic flagship, the company will also close as many as 10 Lord & Taylor stores total (h/t Bloomberg). In a first-quarter report, Hudson's Bay said: "Exiting this iconic space reflects Lord & Taylor's increasing focus on its digital opportunity and HBC's commitment to improving profitability."
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Real Estate Trends

April 3, 2017

A skyscraper may be built on top of Lord & Taylor’s Fifth Avenue flagship

By Devin Gannon

The 103-year-old landmarked Lord & Taylor flagship store at 424 Fifth Avenue may be getting a luxurious makeover. As the New York Post learned, the speculative project includes constructing a steel-and-glass skyscraper and redeveloping the building into an office and residential tower, keeping the 11-story department store as the base. Sources tell the Post that NYC property executive Richard Baker, who acquired Lord & Taylor in 2008, is behind the development talks. And though few details are known, "real estate insiders" point out that nearby towers rise as high as 60 stories.
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New Developments

424 Fifth Avenue

Will Midtown’s Lord & Taylor building be back on the market after multibillion-dollar WeWork bailout?

Lord & Taylor will end its 104-year run with a massive sale and just two holiday windows

Lord & Taylor is closing its 104-year-old Fifth Avenue flagship store

A skyscraper may be built on top of Lord & Taylor’s Fifth Avenue flagship

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