Change is on the way for the New York City skyline, thanks to a planned new addition to one of the city’s most iconic department stores.
Macy’s Inc. top executive confirmed the company is planning to build a skyscraper on top of its flagship Manhattan store to unlock real estate value, according to a published report.
“We hope to walk out of 2019 with a plan that we’re then going to bid out,” Chief Executive Officer Jeff Gennette told Bloomberg.com Wednesday.
Gennette said Macy’s Inc. had been working on the skyscraper plan on top of its Herald Square property for more than a year, the report says.
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According to the publication, it was first reported last month that the company floated plans for a 1.2 million-square-foot office tower that would be used by other tenants.
In a statement to NBC 4 New York, a Macy’s spokesperson said that Macy’s Inc. met with city, government and community leaders about the right opportunity for the flagship store and the surrounding neighborhood.
“Based on these discussions, we believe the best way to unlock the store’s underlying real estate value and promote economic activity in the area is to build a commercial office tower while continuing to operate this iconic store as our national flagship. But 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,” the statement says.