Macy’s Inc. borrows $27M from U.S. Bank for mall location in Kings Plaza

Macy’s Inc. through the entity Macy’s Mall Real Estate, LLC as borrower signed a loan agreement with lender U.S. Bank valued at $27 million for 1 parcel, including the tax class shopping center with parking facilities (K6) at 5400 Avenue U in Mill Basin. The deal closed on June 8, 2020 and was recorded on July 30, 2020.

This Macy’s is in Kings Plaza, the large mall owned by Macerich. Charles P. DiGiovanna of Macy’s was signatory for the borrower. The last time Macy’s had debt on this property was 2008, when previous loans were retired.

Macy’s owns a stake in the real property within the mall. In December, Macerich refinanced its loans at Kings Plaza with $478 million in secured debt.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on June 19, 2018.
Over the past five years, there have been 98 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $37,327,500. There were 97 renovation/alteration projects (A2) applied for with a total estimated value of $52,747,867.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link