Macy’s (M) last week sold its 440,000-square-foot property department store in downtown Brooklyn to a syndicate of New York real estate investors for $23M, or just over $50 a square foot, The New York Post’s Lisa Fickenscher reports, citing sources. “Macy’s would do that because they are not real estate investors,” one source briefed on the situation told The Post. “In my view, this is a story about a retailer who knows nothing about their most valuable asset.”
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