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Macy’s Floats $235 Million Investment to Sweeten NYC Tower Plan

  • Herald Square plaza would become more pedestrian friendly
  • Company is in talks to build skyscraper atop flagship store
Plans for Macy’s proposed development project atop its Herald Square flagship store.
Plans for Macy’s proposed development project atop its Herald Square flagship store.Source: Macy’s Inc.

Macy’s Inc. is proposing a $235 million investment in the area surrounding its Herald Square headquarters in Manhattan as it works to gain approvals from city officials to build an office tower atop its flagship store.

The development project would upgrade the Herald Square plaza into a more pedestrian-friendly space and create new entrances for the transit hub underground, including elevator access. Macy’s said its renewal plans, including the tower, are expected to generate $269 million in annual tax revenue for the city and $4.29 billion in economic output each year. The store would stay open throughout the process.