Wednesday, November 20, 2019

Saks Manhattan Flagship Sees Value Plummet in Retail Apocalypse

NREI
The value of Hudson’s Bay Co.’s Saks Fifth Avenue flagship store has plummeted over the last five years, pulled down by retail woes and sliding rents in a high-profile Manhattan shopping district.

The building at 611 Fifth Ave. was recently appraised at $1.6 billion, according to a filing by the Toronto-based company, dropping almost 60% from about $3.7 billion five years ago.. . . more