Shoppers who recently left the Macy’s building in downtown Brooklyn with arms weighed down by bags filled with gifts for the holidays may have done so for the last time.
The New York-based department store sold its iconic building on Fulton Mall early in December to United American Land. The real estate firm owns several historic buildings across New York, including a few in the popular Brooklyn retail district. The news of the sale came as Macy’s announced plans to close another 150 stores across the U.S. by 2026.
While Macy’s will initially lease the four story, 440,000 square-foot property from the new owner, it’s unclear how long the store will remain open. The real estate company expressed an interest in bringing family oriented entertainment to Fulton Mall, like a Universal or a Lego store.
The sale comes at a difficult time for the struggling national department store chain. Macy’s CEO Tony Spring said in a call about third-quarter earnings that it expects to start closing 65 stores soon after the holiday season ends.
The earnings report was delayed after an independent investigation revealed that “a rogue employee” hid up to $151 million in expenses related to delivering small packages. A report filed with the Securities and Exchange Commission (SEC) said,”a single employee with responsibility for small package delivery expense accounting intentionally made erroneous accounting accrual entries and falsified underlying documentation.”
Spring said the employee acted alone and is no longer with the company.
The downtown Brooklyn Macy’s, located at 442 Fulton St., is the last of several large department stores that once stood on the avenue. Some Brooklynites expressed sadness at the possibility of losing a store that holds a special place in the social fabric of the borough.
“I feel they’re making the most huge mistake ever. It feels terrible,” said Angeline Davis as she left the store with Christmas gifts in hand. Davis has been shopping at the store for decades. “It’s a staple of our neighborhood.”
“I started shopping here with my mom when I was a child,” said Junior Stevenson as he left the store with bags filled with Christmas gifts. “It’s a Brooklyn institution. We’re going to miss it.”
In this postcard dated 1915, customers wait to enter A&S on Fulton St. (Courtesy Ron Schweiger)
Prior to becoming a Macy’s in 1995, the department store was known as A&S, short for Abraham and Straus.
Ron Schweiger, the official Brooklyn Borough Historian, said A&S became a popular destination soon after the Brooklyn Bridge opened in 1893. “It was the most important of all the department stores along Fulton Street. It was the anchor of the community,” Schweiger said.
“ I remember every one of those old department stores and now the very last one may disappear,” Schweiger said. “I have fond memories of being in Abraham and Strauss with my mother. Even with my wife, when we got married in 1969, we used to go shopping down there. You’d go there for wedding rings.”
A Macy’s spokesperson said plans for the Fulton Mall location were still being decided, but stopped short of saying the store would not close.
