HERALD SQUARE, Manhattan — Macy’s is planning to build a new skyscraper on top of its flagship store, according to a new report.
Bloomberg first reported in April that the chain was in talks to build a new tower above its iconic 34th Street store. The skyscraper could potentially be up to 1.2 million-square-feet and would house other commercial tenants.
Now on Wednesday, the outlet said that Macy’s CEO revealed in an interview that the company “hope[s] to walk out of 2019 with a plan that we’re then going to build out.”
A Macy’s spokesperson sent the following statement to PIX11 News about the news: “Herald Square is a highly productive and profitable store and is important to our brand, to our customers and to the neighborhood. Over the last several months, we’ve met with city, government and community leaders as we iterate on the right opportunity for Macy’s and the surrounding neighborhood in the long term. Based on these discussions, we believe the best way to unlock the store’s underlying real estate value and promote economic activity in the area is to build a commercial office tower while continuing to operate this iconic store as our national flagship. But we’re still early in this process and there are a number of hurdles we need to cross before we can share more concrete details.”