Luxury Retailer’s 250,000 Sf Multi-Level Location Will be First New York City Store
New York, NY – September 3, 2014 – Related Companies, Oxford Properties Group and Neiman Marcus Group, Inc. announced today plans to open a flagship Neiman Marcus store on Manhattan’s flourishing west side at Hudson Yards. The 250,000 square foot, multi-level store is scheduled to open in 2018 and marks the first for the brand in New York City.
The three-level Neiman Marcus will anchor the one million square foot Shops at Hudson Yards. Integrated into the heart of the neighborhood, customers will have multiple access points throughout the complex including from the east, west, north and south and a dedicated entrance on 10th Avenue. The store will present customers Neiman Marcus’ signature mix of luxury and fashion brands. The store will offer sweeping views over the vast public plaza and monumental meeting place being designed by Thomas Heatherwick and Thomas Woltz, the unique Culture Shed – the planned home of New York Fashion Week, and the widely-acclaimed High Line.
Stephen M. Ross, Chairman of Related Companies said, “Neiman Marcus is an innovative, world-class brand that has long understood and embraced the intersection of art, culture and retailing, making them an ideal fit for Hudson Yards. Under the leadership of Karen Katz, their inaugural New York City store is destined to be a unique, modern shopping experience unrivaled in the United States.”
Blake Hutcheson, President and Chief Executive Officer of Oxford Properties Group said, “Neiman Marcus has built their success through an unwavering commitment to their customers in all aspects of their business. Opening their first ever New York City store at The Shops at Hudson Yards once again reflects this commitment, and will no doubt provide customers with an unparalleled experience in physical form, merchandise selection and customer service.”
“Neiman Marcus Group is delighted to announce that Manhattan will have its first Neiman Marcus! Hudson Yards presents the ideal location for a Neiman Marcus store. The project is a bold and innovative retail idea and one that complements how we view our Neiman Marcus Brand,” said Karen Katz, President and Chief Executive Officer of Neiman Marcus Group “Neiman Marcus Group is well-known to New York and New Yorkers through our landmark Bergdorf Goodman store – a beloved and revered New York institution at the corner of 5th and 58th, and we are excited to establish a flagship NM store in one of the world’s premier shopping destinations. We look forward to serving New Yorkers and visitors to New York with legendary Neiman Marcus style.”
Kenneth A. Himmel, President of Related Urban, the mixed-use division of Related Companies said, “For over a century, Neiman Marcus has been a visionary brand, focused on serving the unique needs of their customers with distinctive merchandise and superior service. Hudson Yards represents the best of New York’s culture, commerce and community and we are thrilled that Neiman Marcus will anchor Hudson Yards with their New York flagship location and offer a new and exciting benchmark for shopping on the thriving west side. The commitment of such an iconic retailer further solidifies that the epicenter of the city has shifted and Hudson Yards is the new heart of New York.”
The 28-acre Hudson Yards, developed by Related Companies and Oxford Properties Group, will include more than 17 million square feet of commercial and residential space, more than 100 shops and restaurants, approximately 5,000 residences, a unique cultural space, 14 acres of public open space, a 750-seat public school and a 175-room luxury hotel—all offering unparalleled amenities for residents, employees and guests.
The Shops at Hudson Yards, opening in 2018, will highlight the next generation of fashion-forward brands, befitting a next-generation neighborhood located in the heart of New York’s booming culture-meets-tech enclave. Merchandising aesthetics will range from the finest couture designers to the best names in accessible global retail, culled with care from international High Streets and local shopping haunts. The Kitchens at Hudson Yards, an urban food hall, will blend New York City’s most inspired quick-serve concepts in a high-design setting, while The Restaurants at Hudson Yards will feature a legendary assortment of local chef-driven restaurants. Capping this modern marketplace will be a three-floor Neiman Marcus, New York’s first penthouse shopping experience. Above it all will be the city’s highest indoor/outdoor observation deck, with glass-floored panoramic views that will welcome four million visitors annually.
Hudson Yards sits within New York’s fastest growing neighborhood, with a growth rate of five times greater than the rest of Manhattan and an influx of 6,000 residences and 2,400 hotel rooms in the last five years. It is anticipated that more than 24 million people will visit Hudson Yards every year and retail sales are projected at approximately $1 billion.
Hudson Yards will be accessible to the entire region with connections to commuter rail, the subway system, the West Side Highway, the Lincoln Tunnel and ferries along the Hudson River. Grand Central Terminal is six minutes away by subway, and Penn Station, the nation’s busiest train station, a short walk. Construction on 10 Hudson Yards, home to Coach Inc., L’Oreal USA, SAP and Fairway Market, began in December 2012 and is scheduled for completion in 2015. The entire Eastern Rail Yards including 30 Hudson Yards, home to Time Warner Inc., the public space, residential and hotel towers and the retail complex will be complete in 2018. For more information on Hudson Yards, please visit www.hudsonyardsnewyork.com.
For more information on the transformation already underway on Manhattan’s West Side and the launch of Neiman Marcus at Hudson Yards, visit the Hudson Yards: New York’s Future is Rising exhibit starting on September 6th at Time Warner Center.
About Neiman Marcus Group:
Neiman Marcus Group LLC operations include the Specialty Retail Stores segment and the Online segment. The Specialty Retail Stores segment consists primarily of Neiman Marcus, Bergdorf Goodman and Last Call stores. The Online segment conducts direct to consumer operations under the Neiman Marcus, Horchow, CUSP, Last Call and Bergdorf Goodman brand names. For more information, visit www.neimanmarcusgroup.com.
About Related Companies:
Related Companies is the most prominent privately-owned real estate firm in the United States. Formed over 40 years ago, Related is a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, South Florida, Abu Dhabi, São Paolo and Shanghai and boasts a team of approximately 2,500 professionals. The Company’s existing portfolio of real estate assets, valued at over $20 billion, is made up of best-in-class mixed-use, residential, retail, office and affordable properties in premier high-barrier-to-entry markets. Related has developed preeminent mixed-use projects such as Time Warner Center in New York and CityPlace in West Palm Beach and is currently developing the 28-acre Hudson Yards project on Manhattan’s west side. For more information about Related Companies please visit www.related.com.
About Oxford Properties Group:
Oxford Properties Group is a global platform for real estate investment, development and management, with more than 1,400 employees and $20 billion of real assets that it manages for itself and on behalf of its co-owners and investment partners. Established in 1960, Oxford has regional offices in Toronto, London and New York, each with investment, development and management professionals possessing deep real estate expertise and local market insight.
Oxford’s portfolio includes approximately 50 million square feet of office, retail, industrial, multi-family and hotel properties, primarily located in Canada, the UK and the US. Recently completed development projects include the 1.2-million-square-foot AAA Centennial Place office complex in Calgary, the landmark Watermark Place development on the River Thames in London, the full redevelopment of 111 Richmond West and the Richmond Adelaide Centre in Toronto, as well as a significant expansion of Yorkdale Mall in that city. For more information about Oxford visit www.oxfordproperties.com.