Sources close to Macy's tell News 12 that recent rumors that the Fulton Street Macy's will be closing are a misunderstanding.

Back in 2015, Macy's sold the top floors, garage and air rights for $270 million.

They've now completed the sale for the lower levels for $23 million. The source explains that instead of owning the building, they will now be leasing the space.

Rumors began spreading that one of the last department stores in Downtown Brooklyn could be closing, leaving residents in a panic.

"I've heard they are closing all the Macy's especially this one down here," said Gigi White, a Fort Greene resident.

Macy's announced earlier this year that they will be closing 150 of their stores within the next three years. But locations have not yet been decided.