M
acy's long-time Brooklyn home at 422 Fulton Street is poised for a transformation into an experiential entertainment hub, according to Albert Laboz, founder and CEO of United American Land. The four-story, 440,000 square-foot property was recently purchased by UAL in partnership with Isaac Chera of Crown Acquisitions and the Jackson Group's Chehebar family.

    Laboz envisions a space that combines traditional retailing with family-friendly entertainment options like Netflix, Universal, and Lego. With over 23,000 new apartments within an eight-block radius, Laboz believes there is a strong demand for such uses. He is open to having multiple operators per floor to create synergies among tenants.

    The property has undergone significant renovations in the past, including a $100 million investment by Tishman Speyer in 2015. The city's efforts to revitalize Fulton Street have paid off, with rising ground-floor store rents and an influx of national chains like Burlington Coat Factory and Trader Joe's.

    Laboz is taking a two-pronged approach to the Macy's space, aiming to create something new and exciting. A spokesperson for Macy's Inc. confirmed that the Brooklyn store will close next year as part of the company's strategy to focus on its 350 go-forward fleet over the next three years.