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Macy’s Herald Square Skyscraper Project Faces Tough Road Ahead

  • Retailer’s proposed project requires zoning changes from city
  • Company is trying to generate cash with midtown real estate
Pedestrians pass by a Macy’s department store in New York.
Pedestrians pass by a Macy’s department store in New York.Photographer: Victor J. Blue/Bloomberg

Macy’s Inc. faces a difficult road as it dives into New York City real estate development.

The struggling retailer, trying to generate cash off prime real estate in midtown Manhattan, recently unveiled plans for a 1.5 million-square-foot building atop its iconic store in Manhattan’s Herald Square. But the proposed office tower requires zoning changes that have to be approved by the city, a potentially thorny political process that can delay, or even quash, the project.