Nordstrom, Inc. has finalized an agreement withExtell Development Company to build Nordstrom’s first full-line store inNew York City. This new flagship store will open alongManhattan’s bustling57th Street corridor at225 West 57th Street, betweenBroadway andSeventh Avenue, in theColumbus Circle area ofManhattan. The 285,000 square-foot store is expected to open in 2018.

The announcement of the Extell/Nordstrom deal was announced at a news conference at Nordstrom’s treasure&bond Soho location at350 West Broadwaykeynoted by Mayor Bloomberg.

“It makes perfect sense that Nordstrom – one of the premier names in retailing – would want a flagship store inNew York, the world’s premier city for retailing,” said MayorMichael R. Bloomberg. “This is very exciting news for New Yorkers and the millions of tourists who come to our city to shop each year, and this new addition to the West Side ofManhattanis another sign of the private sector’s confidence inNew York City.”

For Nordstrom, the agreement with Extell marks its full-line store entrance into theNew York Citymarketplace.  Its 7-story department store will comprise the base of a distinctive mixed-use, retail, hotel and high-rise residential tower still in the planning stages by Extell. Nordstrom views the development as a great opportunity to serve customers within the highly accessible, heavily trafficked and growing West Side retail scene.

The 40,000 square foot block-through site, which fronts on the northern side of57th StreetbetweenBroadwayandSeventh Avenueand extends to58th Street, once housed the originalHard Rock Cafe.  The parcel was assembled by Extell PresidentGary Barnettover a period of nearly a decade. According to Mr. Barnett, excavation work on the site could begin as early as the first quarter of next year.

“This has been a long time coming for us, as Nordstrom has sought a NYC location for many years. We couldn’t be happier about the opportunity to be a part of this terrific development project with Extell and feel the location works extremely well for us,” saidErik Nordstrom, president of stores forNordstrom, Inc.”We look forward to opening our doors and we view this as our chance to have our best Nordstrom store in the best retail city in the world.”

“We have enjoyed great success at ONE57 and therefore decided to develop another luxury tower along the57th Streetcorridor,” saidGary Barnett. “We are pleased to have Nordstrom as our anchor tenant in this new project and to be able to bring this long anticipated flagship store toManhattan.”

“This is a critical deal for the future of the West Side ofManhattan,” saidDerek Trulson, international director withJones Lang LaSalle, who represented Nordstrom in the transaction. “New Yorkhas not seen a new fashion specialty store of Nordstrom’s quality and importance in decades. We could not have hoped for a better location, and Nordstrom will now anchor the West Side retail experience at 57th andBroadway. This is a creative real estate deal and build-to-suit that works for Nordstrom as a luxury retailer over the long term.”