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Macy's Will Spend $235 Million To Improve Herald Square, And Bring New Skyscraper To Area
By
Jen Chung
Published May 11, 2021
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FXCollaborative
By
Jen Chung
Published May 11, 2021
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Two years after announcing plans to build a skyscraper atop its landmark flagship location in Herald Square, Macy's on Monday shared new renderings of their plans. The retailer also revealed that it will invest $235 million in the surrounding neighborhood—including new subway entrances and more pedestrian space.
“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 Jeff Gennette, CEO of Macy’s, in a statement. “We are proud to make this leadership investment in New York’s recovery and are excited to welcome visitors back to Herald Square not only today, but for generations to come.”
The $235 million plan is seen as a way to help get the skyscraper plans okayed—according to the Post, it could "ease the project’s way through the Uniform Land Use Review Procedure, the city’s often contentious approval process. The tower needs City Hall’s green light for a zoning change for its size and height — 1 .5 million square feet of office space and between 750 and 900 feet tall, according to plans shown earlier."
Rendering of Herald Square, with Macy's investment
FXCollaborative
In an FAQ about the project, the company said that the store will remain open during construction and that its plans will not "impact various classic and celebrated features at the store, including the wooden escalators that pioneered the technology when they were built in the 1920s."
Macy's also says it's betting on creating this huge, new office tower because it "envisions a Herald Square that thrives long beyond New York City's current recovery from the global pandemic. As a leading center of international commerce, New York City is forecasting a significant amount of new office jobs in 2021, expecting a return to pre-pandemic office employment levels by the fourth quarter and recouping office jobs lost at the outset of the pandemic. In addition, improved access to mass transit at this major crossroads for the city will be a significant investment in the future."
Macy's proposed changes for the neighborhoods
Macy's
Here's what Macy's plans to add (but the retailer says it'll confer with the local community board and other groups), according to a press release:
- Transform Herald Square & Broadway Plaza into a modern, car-free pedestrian-friendly urban space for New Yorkers and visitors to gather and enjoy one of the city’s most storied locations with upgraded connections to public transportation and substantial improvements to the Herald Square Subway Station
- Ease pedestrian access at Broadway and 34th Street while creating efficient, new transit entrances to the Herald Square Subway Station near Penn Station
- Enhance entry to Herald Square Subway Station at Greeley Square by adding a significantly improved new gateway entrance
- Add ADA-accessible elevators at 7th Avenue & 34th Street and 35th Street & Broadway to the subway station while creating additional pedestrian space on the northern edge of Penn Station
Macy's says that the $235 million "renewal plan" will generate an estimated $269 million in new annual tax revenue, plus "support 16,290 annual jobs and spark $4.29 billion in annual economic output."
Tagged
skyscraper
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real estate
macy's
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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