A
l Laboz isn't waiting until the last minute to do his holiday shopping. His company, United American Land, along with investors Isaac Chera and the Chehabar family, have acquired the 440,000-square-foot Macy's space in Downtown Brooklyn for redevelopment.

    The historic property at 422 Fulton Street will be transformed into world-class retail spaces and location-based entertainment, according to Laboz, who chairs the Fulton Mall Improvement Association. He cited the area's mass transit and over 23,000 new residential units as key factors making the site a prime location.

    This deal appears to confirm Macy's plans to close its Fulton Street location, following an announcement in February that it would shutter 150 stores by 2026. Instead of closing, Macy's downsized and upgraded its Downtown Brooklyn store in 2015, selling its upper floors for $270 million to Tishman Speyer.

    Tishman constructed office space above the remaining retail area, which is now occupied by St. Francis College under a lease signed in 2021. The recent surge in retail investment is evident, with Blackstone's $200 million purchase of Soho buildings last month being the largest investor-led deal since 2021. Laboz has been an active investor in retail space across New York City and Downtown Brooklyn for decades.