Macy’s announces Herald Square upgrade
What: The department store has renewed its commitment to its Herald Square flagship with USD 235 million of private investment in the surrounding neighbourhood.
Why is it important: To achieve these upgrades, Macy’s will leverage its underlying Herald Square real estate to build a commercial office tower above its iconic flagship store.
The retailer’s plan would upgrade Herald Square’s transit infrastructure and public realm into a pedestrian-friendly urban space with upgraded subway access, improved transit connections and ADA-accessible elevators.
Macy’s said the plan is expected to generate USD 269 million annually in new tax revenues for New York City, support 16,290 annual jobs and spark USD 4.29 billion in annual economic output.
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