What’s the Macy’s building worth?

The Ramsey County Assessor’s office doesn’t think the downtown St. Paul Macy’s building is worth much these days, but the land it occupies is extremely valuable.

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Last year, the county assessed the building at less than $2 million, a huge slide from the $4.6 million it was worth four years earlier. But the land — a full city block in the heart of downtown — held its value nicely, standing at nearly $7 million.

The building, which obviously didn’t work very well as a department store, isn’t good for much else, either, in its present, windowless form, according to real estate experts. Its best feature, they say, is its underground parking ramp.

Macy’s plans to sell the building after it closes later this year, but it looks like buyers will be more interested in what’s underneath it.

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