Update: Billionaire real estate investor Isaac Chehebar has added another iconic property to his portfolio, purchasing the historic Macy’s department store at 422 Fulton St. in downtown Brooklyn for a reported $23 million. The deal, closed last week, secures the 440,000-square-foot property at an extraordinary bargain price of just over $50 per square foot—far below the $250 per square foot typical for the area.

Chehebar, head of the Jackson Group and a prominent figure in New York’s real estate scene, reportedly plans to transform the space into “family-friendly attractions,” with potential tenants including Netflix, Universal, and Lego. The purchase comes as retail shifts continue to reshape Brooklyn’s commercial landscape.