As the retail market continues to falter, parent companies to several of the city’s largest department stores have had to consider their options when it comes to remaining in the green.
Macy’s has expressed interest in adding a public park with restaurants to the rooftop of its Herald Square flagship. And in April, Hudson’s Bay Company floated a plan to append a steel and glass skyscraper to its landmark Fifth Avenue location. Though that plan seems to remain at bay, another of Hudson’s Bay’s retail properties, Saks Fifth Avenue, is now being eyed for a similar reimagining.
Bloomberg reports that an ornery Hudson’s Bay Co. shareholder, Jonathan Litt’s Land & Buildings, is pushing the company to consider redeveloping the landmarked department store to squeeze value from the site. The shareholder is encouraging Hudson’s Bay to consider adding boutique retailers to the building’s first three floors and convert its top three floors into luxury condos (but of course.)
The shareholder is also encouraging Hudson’s Bay to sell the property. The property, on Fifth Avenue between 49th and 50th streets, was assessed at $3.7 billion in November 2014.