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NEW YORK | Macy's Tower | FLOORS | 870 FT

This has been talked about. Looks like they will move forward...

https://www.bloomberg.com/amp/news/a...p-nyc-flagship

Macy’s in Early Talks to Put an Office Tower Atop Its NYC Flagship

By Lily Katz
April 24, 2019

Quote:

Macy’s Inc. has held preliminary discussions with New York City officials about building a skyscraper on top of its flagship store in Manhattan’s Herald Square as the old-guard retailer seeks to unlock value from its real estate.

The company has floated plans for a 1.2 million-square-foot (111,500-square-meter) office tower that would be used by other tenants, according to a person with knowledge of the matter. Macy’s probably would push for zoning changes around its property to allow for the 800-foot (244-meter) building, which would bring an estimated 6,000 additional people to the area, said the person, who asked not to be identified because the talks are private. The plans are exploratory and may change.

Quote:

A representative for Macy’s had no immediate comment. A spokesman for Manhattan Borough President Gale Brewer confirmed that she met with the retailer about its plans late last month.

“Such a major addition of square footage to the area will require major public improvements to the streets and sidewalks that surround the Herald Square neighborhood, and I look forward to Macy’s contributions to ensure that this part of Midtown and the Garment Center sees relief,” Brewer said in a statement.

Quote:

The flagship, opened in 1902, is a tourist hot spot, drawing crowds to see the Christmas window display, sit on Santa’s lap and take in the scents of the annual flower show. Macy’s completed an expansion in 1924, making it the largest store in the world. The new skyscraper would sit atop the older part of the property and have an entrance on 35th Street, the person said.

Macy’s, which owns about 360 of its 867 stores, has said in the past that it’s seeking to reap more profits from its real estate holdings, including its Herald Square flagship.

Chief Executive Officer Jeffrey Gennette told investors on a February conference call that the company was seeking input from city officials and community stakeholders on plans to “unlock additional real estate value” at the iconic site, and expected to provide more detail later this year.

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

This was talked about 10 years ago, when Vornado-Related had their giant plans to redevelop MSG. They even floated moving the Macys flagship across 7th Ave, and building new towers on the existing Macys site.

I think I prefer this proposal; keeping the existing historic store and building a tower on top. They're doing the same with the Brooklyn flagship (actually that project is almost completed).

Yeah, it's good that they could stay in the historic location. Meanwhile, looks like Brewer already had extortion plans in place for this 1.2 msf tower. A perfect example of why gov Cuomo wants to take control over the broader redevelopment of the area.

Any photos of the Brooklyn Macy's?

^^^^^^

I believe its this one NyGuy

https://forum.skyscraperpage.com/sho...d.php?t=217583

Quote:

Originally Posted by chris08876 (Post 8551173)

^^^^^^

I believe its this one NyGuy

https://forum.skyscraperpage.com/sho...d.php?t=217583

That's the 11 Hoyt thread, but I believe the Macy's portion was moved somewhere else.

Given that Macy's is calling the shots, any tower I'd imagine would fit in perfectly to not destroy the look of the existing property.

Quote:

Originally Posted by NYguy (Post 8551182)

That's the 11 Hoyt thread, but I believe the Macy's portion was moved somewhere else.

https://www.cityrealty.com/nyc/marke...macy039s/15161

The Wheeler... which is rising on a parking garage used for the Macy store. I don't believe we have a thread on that.

Only thread to mention that garage was the 11 Hoyt one.

Only 800 feet? How come they decided to be so stingy with the height? The name of the game is Supertall or Bust if you want visibility on the NYC skyline!

Oh well, maybe it will look nice at least? Hopefully Designed by Foster or SHoP.

I wonder if Macys is diversifying amidst slowing retail sales.

Quote:

Originally Posted by Eidolon (Post 8551269)

They're not trying to create a skyline icon. That store alone is iconic enough.

Quote:

Macy’s, which owns about 360 of its 867 stores, has said in the past that it’s seeking to reap more profits from its real estate holdings, including its Herald Square flagship.

Chief Executive Officer Jeffrey Gennette told investors on a February conference call that the company was seeking input from city officials and community stakeholders on plans to “unlock additional real estate value” at the iconic site, and expected to provide more detail later this year.

That's what it's all about. That 800 ft height number is likely just an estimate, and nothing will be known until the design process begins.

Quote:

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

Some overview from google...

https://a4.pbase.com/o12/06/102706/1...josYSSW.g1.JPG

https://a4.pbase.com/o12/06/102706/1...ckOFvbq.g2.JPG

https://a4.pbase.com/o12/06/102706/1...GvZTomP.g3.JPG

https://a4.pbase.com/o12/06/102706/1...MktpbrT.g5.JPG

https://a4.pbase.com/o12/06/102706/1...RUXYkN9.g6.JPG

https://a4.pbase.com/o12/06/102706/1...RfqL9zi.g7.JPG

https://www.cnbc.com/video/2019/04/2...ity-store.html

Macy's jumps on report it may add office tower to flagship New York City store

Quote:

Shares of retailer Macy's rose 2% Wednesday, following a report by Bloomberg the retailer may build an office tower on top its flagship New York store. The reports are indication that the retailer may be further evaluating ways to make money off its expansive real estate portfolio.

https://www.bloomberg.com/amp/news/a...kyline-is-a-go

Macy's CEO Confirms Plan to Transform Midtown NYC's Skyline

By Jordyn Holman
May 15, 2019

Quote:

Macy’s Inc.’s top executive confirmed the company is looking to build a skyscraper on top of its flagship store in Manhattan’s Herald Square to unlock real estate value.

“We hope to walk out of 2019 with a plan that we’re then going to bid out,” Chief Executive Officer Jeff Gennette said in an interview Wednesday. Still, the retailer says there are lots of steps ahead before it can put the idea for a commercial office tower to work.

Quote:

Bloomberg News reported in April that the company had floated plans for a 1.2 million-square-foot (111,500-square-meter) tower that would be used by other tenants. A representative for Macy’s had no comment at the time.

Gennette said the retailer has been working on the skyscraper plan for the last year and a half. Macy’s has met with city, government and community leaders over the past several months, a spokeswoman said.

“We’re still early in this process and there are a number of hurdles we need to cross before we can share more concrete details,” she said in an email.

Quote:

Originally Posted by NYguy (Post 8574366)

https://www.bloomberg.com/amp/news/a...kyline-is-a-go

Macy's CEO Confirms Plan to Transform Midtown NYC's Skyline

By Jordyn Holman
May 15, 2019

1,200,000 would equate to a minimum of what height? I know some of you guys are good with these numbers.

Quote:

Originally Posted by patriotizzy (Post 8575197)

1,200,000 would equate to a minimum of what height? I know some of you guys are good with these numbers.

Used to be that was good for a 700 footer in New York, but these days that would equate to more or a lot more, depending on the type of floorplates, floor heights, etc. If they wanted to go for a higher class tower, like the towers we see planned in midtown east, we could be looking at a tower of at least 950 ft. Both Manhattan West towers are larger than One Vanderbilt, but Vanderbilt will be taller.

One thing to keep in mind though is that this tower would rise above a portion of the current store. That alone would boost the height. This would also fit in with the governor's plan to redevelop the overall area. We still haven't seen the details of that.

https://www.ny1.com/nyc/manhattan/ne...herald-square-

Macy's Confirms Plans to Build Skyscraper Above Flagship Store

By Spectrum News Staff
May. 16, 2019

Quote:

Macy's top executive confirms they're planning to build a skyscraper on top of its flagship store in Herald Square.

A spokesperson for the company says they've met with city, government and community leaders in recent months to discuss the project.

They say a commercial office tower is the best way to promote economic activity in the area, while continuing to operate the store.

https://www.retaildive.com/news/macy...topper/555014/

Macy's Herald Square could get an office tower topper

Daphne Howland
May 17, 2019

Quote:

....."Macy's, like Sears and to a lesser extent JC Penney, is really two separate companies today — a largely obsolete retailer and an enormously valuable real estate company," Nick Egelanian, president of retail development consultants Siteworks, told Retail Dive in an email. "Sears funded decades of operating losses by selling its most valuable real estate (actual real estate and long term leasehold rights) and eventually figured out how to directly monetize parts of its remaining 'fleet' by creating [real estate investment trust] Seritage. Macy's is in a similar position. While it still operates profitable stores on the coasts, much of the rest of its fleet is simply not viable for retail any longer."

There was never a chance that the company would unload its iconic flagship, Macy's said. "Herald Square is a highly productive and profitable store and is important to our brand, to our customers and to the neighborhood," according to the spokesperson's statement. And Macy's real estate assets, including its flagship, are different than Sears', according to Egelanian.

"I don't know the office market at Herald Square per se, but I am quite confident that over the long term, densifying its holdings at Heralds Square is a very sound real estate strategy that will make sense for Macy's investors and shareholders," he said.

The building is too large for retail in the age of e-commerce and in a city that just unveiled a massive new retail development in Hudson Yards. Among the many questions surrounding these early plans is whether an office or mixed-use addition could attract tenants, according to Mark Cohen, director of retail studies at Columbia University's Graduate School of Business.

"There's no question that Macy's Herald Square store is way overspaced and that some amount of that excess space carries value that could be liberated via some form of sale and redevelopment," he told Retail Dive in an email. "But I can't imagine a commercial tenant or residential developer paying any kind of premium to occupy space in what is a cluttered and crowded location in place of far more attractive alternatives such as Hudson Yards."

Quote:

Whatever plan Macy's ultimately does unveil promises to be controversial, according to architect Bruce Kopytek, who writes about department store history, including their often iconic buildings, and has worked on various retail store additions and renovations. He noted that similar plans to build an office tower atop Grand Central Station were quashed by historic preservation activists led by Jackie Kennedy Onassis, in a 1978 Supreme Court decision that also helped establish the New York City landmarks law that Macy's executives are no doubt coming up against today, he said. And the project is likely to be highly disruptive to the surrounding area as well as to the building itself.

"That Macy's store is really a beautiful building, and it's one more affront on history," he said in an interview. "You can't just build on top of that building. You need four-foot holes to the foundation, which in New York goes down to bedrock. The ensemble of buildings there has its own scale. Putting a new modernist tower on top of it is a little bit of an affront to my senses, and I think it would be to a lot of people."

They always speak to the wrong people...

Quote:

I can't imagine a commercial tenant or residential developer paying any kind of premium to occupy space in what is a cluttered and crowded location

Obviously has never been to Grand Central, where the really expensive office towers are rising. And this is a better location transit-wise than the Hudson Yards.