Macy’s retakes the 193 million skyscraper project over its famous New York warehouses – idealista / news

The Macy’s department store chain has once again sat down with the New York City Council to relaunch the remodeling project of the plaza Herald Square, where its flagship store has been located for more than 100 years. The initial project, estimated at 235 million dollars, about 193 million euros to the current change, it intends to pedestrianize the entire area and also to erect a 290-meter-high office tower on the building.

The Macy’s store in Herald Square is their ‘flag store’, With its more than 116,000 m2 of commercial space, it is the largest department store in the United States and one of the largest in the world, with more than 100 years of history. In 2012, Macy’s performed a complete renovation at a cost of $ 400 million.

Now he intends to build an office tower of up to 290 meters high and almost 140,000 m2 on the building with an investment of 235 million dollars, about 192.5 million euros at the current exchange rate. In addition to this skyscraper over the flight of the department stores, they offer the New York City Council a remodeling of Herald Square and its surroundings, which would involve the pedestrianization of the entire area.

Macy’s has been with this project on the table for four years, but with the coronavirus crisis the project was parked. Since then, department stores have cut staff, while their sales have fallen nearly 30% at the close of the fiscal year. However, they project an improvement in operations in 2021, albeit below the pre-pandemic period. The company expects net sales of up to $ 20.7 billion, almost € 17 billion at the current exchange rate.

New York City is allowing large infrastructure projects from large companies in exchange for improvements to public spaces. The construction of 10 new buildings is estimated in the area around Penn Station, next to Herald Square. The Hudson Yards development is also located near this area.

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