JEMB Unveils its 'Miracle on 34th Street' With Exciting Redevelopment Plans
for Herald Center
New Fashion/Retail Opportunity Emerges as Property Transforms at Retail
NEW YORK, March 14, 2013
NEW YORK, March 14, 2013 /PRNewswire/ -- Herald Center, the giant 10 story,
250,000 square-foot black glass retail and office property at the southwest
corner of 34^th Street and Broadway, is about to undergo an historic
transformation at the hands of long-time owner JEMB Realty. The property will
be completely reclad to create a bright and exciting leasing opportunity
encompassing more than 50,000 sq.ft. of prime retail space at one of the most
heavily trafficked, high-visibility corners in the world.
(Photo: http://photos.prnewswire.com/prnh/20130314/PH77313 )
Built in 1982 on the site of the former Korvette's discount store, Herald
Center was originally conceived as a vertical mall. Owner JEMB Realty, which
acquired the property in 1986, is turning the property "inside out" in 2013,
removing the black glass panels on the first three floors and replacing them
with transparent panes that will enable flagship retailers to showcase their
brand and goods to the more than 100 million pedestrians who pass the property
each year. In addition to the new facade on the base floors, floors 4-10 will
also be transformed with L.E.D. panels, creating a light display that will
invigorate Herald Square and thrill passersby.
Three floors of visibility as well as frontage on both Broadway and 34^th
Street will be available upon completion of JEMB's multi-million dollar facade
"For a few lucky retailers, the new Herald Center really will be a Miracle on
34^th Street," said Morris Bailey, Principal of JEMB Realty. "The stunning
redevelopment of our retail space creates a tremendous opportunity for a
retailer to capture a remarkable audience, to take command of one of the
greatest landmark locations in the nation."
Mr. Bailey noted that planned improvements to the expansive pedestrian plaza
immediately in front of Herald Center will further enhance the opportunity for
retailers at Herald Center. "We are delighted with the planned improvements to
Herald Square's grand pedestrian plaza," Mr. Bailey said. "Herald Square is
taking its place as a true world-class shopping destination."
Over 100 million pedestrians pass through the intersection of 34^th Street and
Broadway every year. Merchants in Herald Square generate over $1.3 billion in
annual sales. Over 20 million shoppers visit Macy's flagship department store
directly across 34^th Street from Herald Center.
Over 550,000 daily commuters use nearby Penn Station, America's busiest
passenger transportation center. In addition to Macy's, quality retail
neighbors to Herald Center including The Gap, American Eagle, Victoria's
Secret, H&M, Forever 21, Old Navy, Sephora, Steve Madden, Banana Republic and
many more of the world's leading retailers.
"The entire JEMB family is proud of our plans for Herald Center and the
ability to offer this once-in-a-lifetime leasing opportunity at the retail
epicenter of 34^th Street and Broadway," said Joseph Jerome, a principal of
JEMB Realty. "We have owned this property for a quarter of a century, and are
thrilled to bring it to the market with the appeal and appearance we believe
will best serve our tenants and the neighborhood. We have been dreaming of
this redevelopment for years, and we are delighted to begin the
JEMB Realty's dreams for the property were made a reality by its recent
acquisition of the former Daffy's lease at Herald Center out of bankruptcy.
In addition, ASA College has expanded to over 100,000 square feet at the
property and will enjoy its own ground floor lobby entrance on 33^rd Street.
Susan Kurland, executive vice president of Retail Brokerage Services for CBRE,
is the exclusive leasing agent for Herald Center.
JEMB Realty Corp., is an experienced real estate owner, developer and manager
headquartered in Manhattan that acquires, upgrades and repositions commercial,
retail and residential property in existing and emerging city business
districts. With its subsidiary BUSAC Real Estate in Montreal, Quebec, JEMB
owns and operates in excess of 7.2 million square feet of commercial space in
CONTACT: GREAT INK COMMUNICATIONS -- Tel: (212) 741-2977
Eric Gerard: Email
Roxanne Donovan: Email
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SOURCE JEMB Realty Corporation
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