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Forest City Ratner buys former Macy's for Caldor.

At an auction at Manhattan's Bankruptcy Court, Forest City Ratner Companies (FCRC), the developer of the $ 1 - billion commercial, academic and high technology office complex in the heart of Downtown Brooklyn known as MetroTech Center, secured the rights in an open bid to purchase the former R.H. Macy & Co. site on Flatbush and Tilden Avenues in Downtown Brooklyn. The three-story, 150,000 square-foot building will be substantially renovated and leased to Caldor, the nation's fifth largest discount retailer.

The store, which has been vacant for more than a year, was closed in 1992. In putting forward the winning bid, Forest City Ratner Companies obtained bankruptcy court approval for the purchase transaction and plans to spend approximately $10 million to construct and renovate the site to suit the needs of Caldor.

The project will create 50 construction jobs and at least 400 permanent jobs at the new store. Construction and renovation is scheduled to begin early in 1994 which will enable Caldor to open its new store in late 1994 or early 1995.
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Title Annotation:real estate developer purchases building on Flatbush and Tilden Avenues, Brooklyn, New York; to be leased to Caldor Inc.
Publication:Real Estate Weekly
Date:Sep 22, 1993
Previous Article:TV production company signs 72,000 sf lease.
Next Article:Retailer signs at 233 Fifth Ave.

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