[NYguy]

https://www.forbes.com/sites/bradtho.../#1f72fdb654e2

Macy's Is Building A What On Top Of What?





Brad Thomas
May 28, 2019

.....Macy’s Is Looking Up – Literally

For that matter, Macy’s doesn’t just agree. It wants in on the action, as evidenced by the news that’s once again making the retail rounds.

Apparently, it’s considering its own set of innovative plans – strongly enough to take that talk out of the boardroom and out to the public. While there’s nothing signed, sealed, and delivered at this point, CEO Jeff Gennette has come out and said that yes, the famed yet struggling company really is thinking about it…

With “it” being the idea of setting a skyscraper atop its flagship store in New York City. The one in Manhattan at 151 West 34th Street.

Yup. That icon.

The tower would take up a whopping 1.2 million square feet from top to bottom, according to National Real Estate Investor. And this would be opened up as office space to outside businesses, bringing in much-needed income.

So how far along is this idea on the drawing board? I’ll let Gennette answer that question directly. Here’s what he had to say on the Macy’s Q4-18 earnings conference call in February:

Over the last year and a half, we have been working closely with the team of land use development and design experts to produce a menu of economically viable redevelopment alternatives. These could densify the real estate with complementary uses and we’ll certainly preserve the store and enhance the customer experience.

He expects to “be able to provide more detail later in the year as the Herald Square plan develops” and they “get the necessary feedback from everyone involved.”

Again, that was back in February. Yet, like National Real Estate Investor, the community-oriented website Patch – the Midtown Manhattan-specific segment – also brought it up again this month. This new coverage about “old news” seems to strongly signify that plans are progressing as expected.