April 25, 2019
Macy’s Inc. is considering building a 1.2-million-square-foot office tower on top of its flagship store in New York City. The retailer sees the 800-foot addition to the 1902 building at 151 West 34th St. in Manhattan’s Herald Square as a way to unlock value in its real estate portfolio.
Manhattan Borough President Gale Brewer confirmed the retailer shared plans with her last month. In a statement to Bloomberg, she said, “Such a major addition of square footage to the area will require major public improvements to the streets and sidewalks that surround the Herald Square neighborhood, and I look forward to Macy’s contributions to ensure that this part of Midtown and the Garment Center sees relief.”
Preliminary talks involve a new skyscraper rising above the property’s older part, which would have a 35th Street entrance. The retailer owns roughly 360 of the 867 stores operating under the Macy’s banner, and says it wants to generate a greater share of profits from real estate holdings.
For comments, questions or concerns, please contact Dennis Kaiser