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  #61  
Old Posted Feb 12, 2020, 10:58 PM
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The more I look at it, the more I thin I would prefer something with just a little less bulk. But they're going to try to maximize on the floor size.
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  #62  
Old Posted Feb 13, 2020, 7:26 PM
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...can you even imagine $320M coming in -- every month -- in perpetuity?
That's more than I make in a whole week!
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  #63  
Old Posted Feb 13, 2020, 7:53 PM
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They will have to close the store for the construction, will they not?
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  #64  
Old Posted Feb 13, 2020, 8:01 PM
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They will have to close the store for the construction, will they not?
Nope. It would built on a platform, atop the store. Some existing office and delivery space would have to be vacated, though.
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  #65  
Old Posted Feb 13, 2020, 8:02 PM
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They will have to close the store for the construction, will they not?
I'd imagine only part of it. Furthermore, I suspect that the part over which the tower sits will never be retail again since Macy's probably wants a much smaller footprint.
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  #66  
Old Posted Feb 13, 2020, 8:06 PM
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I'd imagine only part of it. Furthermore, I suspect that the part over which the tower sits will never be retail again since Macy's probably wants a much smaller footprint.
I doubt they would go for a much smaller store at the flagship location, which is probably why the lobby will be up above the store, at least the main lobby.







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  #67  
Old Posted Feb 15, 2020, 5:45 PM
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If you’ve never heard of anything needing approval to get built, then this article is for you...


https://mercury.bloomberg.com/news/Q5P2F5DWLU6D

Macy’s Herald Square Skyscraper Project Faces Tough Road Ahead
The proposed 1.5-million-sq.-ft. office tower requires zoning changes that would have to be approved by the city.


Bloomberg
Feb 14, 2020


Quote:
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.

“There are projects on individual buildings that have been going on for decades because of political issues,” said Noah Kazis, a legal fellow at NYU’s Furman Center. “Whether you move relatively quickly or get dragged out for years and years and years -- that’s the question about the politics of this project.”
Quote:
The city council had “periodic” discussions with Macy’s about the project last year but was not briefed before the plan was unveiled recently, according to a city council spokesman.

Douglas Sesler, who oversees real estate for Macy’s, said recently that the company continues to work with the city to obtain the necessary permits and that the process may continue until the end of 2021.

“It’s certainly a process that requires a lot of stakeholder input,” said Keith Powers, a city councilman in Manhattan. “It could take years to get it to final conclusion.”
Quote:
Before approving a zoning changes, the city could ask Macy’s for concessions, like transit upgrades at the busy Herald Square subway station. That could delay the project, according to Caroline Harris, a New York City land use attorney.

Macy’s Chief Executive Officer Jeff Gennette has acknowledged that the company proposed a “massive project” that would include making improvements around Herald Square, but declined to share specifics about discussions with the city.

“We’re being very respectful of our partners,” Gennette said. “They have a strong point of view and they should. This is an important project for everybody so we’re going to do it carefully.”

“We’re excited about this project in large part because of location,” Sesler said. “The center of gravity in midtown Manhattan has clearly shifted to the southwest.”
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  #68  
Old Posted Mar 11, 2020, 6:47 AM
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nope . . I can just tell . .
Santa Claus ain't gonna like this building . .
probably wont even be in the parade anymore . .
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  #69  
Old Posted Mar 11, 2020, 1:37 PM
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I kinda like this design.
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  #70  
Old Posted Mar 11, 2020, 3:10 PM
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I'm getting a scaled up and very strong Viceroy Hotel Chicago vibe from this thing, both the base and the tower portion. That is meant as a compliment.



Source: Leclair Decor
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  #71  
Old Posted Apr 26, 2020, 1:10 AM
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Last edited by NYguy; Apr 26, 2020 at 1:22 AM.
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  #72  
Old Posted Jun 26, 2020, 4:55 PM
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Macy’s slashing 3,900 white-collar jobs, roughly 25 percent of its corporate workforce

Quote:
Macy’s is eliminating about a quarter of its corporate workforce, slashing 3,900 white-collar jobs in a sweeping effort to cut costs during the coronavirus pandemic.

The layoffs announced Thursday come just months after the beleaguered retailer announced it would close 125 stores — about a fifth of its total — and shed 2,000 positions after a disappointing holiday season. The company also is scaling back staffing at its Macy’s and Bloomingdale’s stores, distribution facilities and customer service centers, but says it will “adjust as sales recover.”

The department store chain projected the moves would save it $630 million a year.


The pandemic “has significantly impacted our business,” chief executive Jeff Gennette said in a statement. “While the reopening of our stores is going well, we do anticipate a gradual recovery of business. … We know that we will be a smaller company for the foreseeable future.”

Coronavirus-related store closures have led to a precipitous drop in sales that has roiled the retail industry, which was in trouble long before the pandemic. Six national retailers — including department store chains J.C. Penney and Neiman Marcus — have filed for bankruptcy since May. As many as 25,000 bricks-and-mortar stores are expected to permanently close this year, according to Coresight Research, which will have far-reaching effects on shopping malls, workers and local communities.

Macy’s latest announcement, analysts say, shows that retail job cuts — which until now had been largely concentrated among store employees and hourly workers — are beginning to reach white-collar positions in office buildings.

“This is a significant number of layoffs and it really underlines the fact that while Macy’s has done a good job of securing financing to see it through this crisis, it is still burning through cash,” said Neil Saunders, managing director at GlobalData Retail. “It is a long-term retrenchment, and an acknowledgment that sales are nowhere close to what they used to be.”
========================
https://www.washingtonpost.com/busin...s-coronavirus/
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  #73  
Old Posted Jun 26, 2020, 5:15 PM
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A shame but expected

I wonder how much that'll affect this project
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  #74  
Old Posted Jun 26, 2020, 6:57 PM
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Hopefully things do kick up once this pandemic is over, whenever that may be.

Although diversification into the real estate sector would be good for Macy's, even if not dedicated for Macy's itself (not being the main tenant). Would be a significant capital expenditure though.
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  #75  
Old Posted Jun 26, 2020, 8:37 PM
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Macy's was in massive trouble before the pandemic even existed.

Building some ego tower in Manhattan always seemed like a pretty absurd decision. It's like if Sears announced they were doing the same in Chicago right now. This is basically a dead company.
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  #76  
Old Posted Jun 26, 2020, 9:36 PM
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I hope it doesn't happen (I like the NY Macy's), but I do wonder should that store ever close, what would manifest with this parcel. Talk about a massive, massive opportunity, even if landmarked.

I do hope it never closes though. The NY store is a staple of NYC. Folks can say what they want, its nice to have the Macy's, especially for Christmas season.
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  #77  
Old Posted Jun 26, 2020, 10:46 PM
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Quote:
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A shame but expected

I wonder how much that'll affect this project

It really won't affect this project, but if it did, it would only be a move to push forward. I remember when Alexander's dept. store went out of business. The main flagship on 59th became the Bloomberg tower. They were more concerned with the real estate, which helped push the stores out of business. Macy's is trying to cash in on it's real estate by building a tower here and there was some other development.
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  #78  
Old Posted Sep 1, 2020, 5:05 PM
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From my 3D model of New York City:







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  #79  
Old Posted Sep 1, 2020, 5:17 PM
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Nice. This will be a good-looking tower. Interesting facade and serious bulk.
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  #80  
Old Posted Sep 1, 2020, 6:04 PM
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there's also a supertall planned at 989 Sixth Avenue in the vicinity. No renderings but its reported to be 80 stories and at least 1005ft.
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