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Macy’s Recommits to Building Office Tower Above Herald Square Flagship
Having put the project on the back burner during the pandemic, Macy’s Inc. has renewed its commitment to building an office tower above its Herald Square flagship store. The revival comes with a $235-million commitment to upgrades the neighborhood’s transit infrastructure and other public areas.
The renewal plan is expected to generate $269 million annually in new tax revenues for New York City, support 16,290 annual jobs and spark $4.29 billion in annual economic output.
“Macy’s Herald Square is one of New York City’s most iconic institutions, and, as we plan for the future, we are doubling down on our commitment to New York by reinvesting in our flagship location while committing $235 million in private investment to upgrade the Herald Square neighborhood through our tower project,” said Macy’s chairman and CEO Jeff Gennette.
The plan will need to go through the city’s Uniform Land Use Review Procedure.
- ◦Development
