Macy’s Inc. borrows $66M from note holders secured by department store in Brooklyn Heights

Macy’s Inc. through the entity Macy’s Brooklyn, LLC as borrower signed a loan agreement with note holders through the trustee U.S. Bank National Association valued at $66.1 million for 1 parcel, including the tax class other (OT) at 422 Fulton Street in Brooklyn Heights. The deal closed on June 8, 2020 and was recorded on August 3, 2020.
The property contains a total of 451,963 square feet of built space.
The average loan per buildable square foot is $146.
Macy’s did not have previous debt on the property. Fitch recently downgraded Macy’s approximately $3 billion loan facility, of which this loan is a portion.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link