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Will Macy's give its regards to Broadway? The NY Times reports that the developers who are trying to redevelop the James Farley Post Office building into the new Moynihan Station "are in the early stage of negotiations with Macy’s" to move from the store's landmark Herald Square location to the Farley building on Eighth Avenue.
Charles Bagli's article summarizes the progress of the Penn Station redevelopment and Farley-into-Moynihan Station project: It's complex, given the transportation systems; it's expensive; and a current plan "hinges" on Madison Square Garden's willingness to move to the Farley building, which scares civic groups that we'll all end up with another Penn Station. And then Penn Station would be razed to make way for new skyscrapers.
Somewhere in the middle of the article, it's suggested that Macy's probably won't move west. Which makes complete sense, because Herald Square is a prime location - close to the Empire State Building, near many different subway lines, and perfect for the end of its Thanksgiving Day Parade. But we're curious how much they are offering.
Photograph of Macy's by New York Daily Photo; Macy's used to be located on Broadway at 18th Street but moved to its current location in 1902
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Macy's first NYC location was actually 14th Street and 6th Avenue.
Developer: And you'll never guess what we'd like to do with the old Macy's. It's brilliant! It's revolutionary! You'll never guess in a million years! Go on, guess..
Joe Blow: Ultra luxury condos.
Developer: Alright, who blabbed? (looking around) C'mon, who was it?
Developer: And you'll never guess what we'd like to do with the old Macy's. It's brilliant! It's revolutionary! You'll never guess in a million years! Go on, guess..
Joe Blow: Ultra luxury condos.
Developer: Alright, who blabbed? (looking around) C'mon, who was it?
Developer: And you'll never guess what we'd like to do with the old Macy's. It's brilliant! It's revolutionary! You'll never guess in a million years! Go on, guess..
Joe Blow: Ultra luxury condos.
Developer: Alright, who blabbed? (looking around) C'mon, who was it?
Developer: And you'll never guess what we'd like to do with the old Macy's. It's brilliant! It's revolutionary! You'll never guess in a million years! Go on, guess..
Joe Blow: Ultra luxury condos.
Developer: Alright, who blabbed? (looking around) C'mon, who was it?
Developer: And you'll never guess what we'd like to do with the old Macy's. It's brilliant! It's revolutionary! You'll never guess in a million years! Go on, guess..
Joe Blow: Ultra luxury condos.
Developer: Alright, who blabbed? (looking around) C'mon, who was it?
Federated owns the building. No mortgage. Not going to move. Incredible profit margin.
Yeah, that's really gonna happen.
Joe Blow can really hijack a thread, huh?
Although it won't happen, it does bring to mind the movement of the department stores over the years. Sak's 34th St and Gimbels used to be opposite Macy's, and B. Altman was down the block at 5th. With those all gone, you could have argued a decade ago that a retreat to the West was in order. But the revival of 34th St between 7th and 5th with Victoria's Secret, H&M, Forever 21 and other stores has turned it into a decent shopping environment again, comparable to any mall. It could take years to pull off the same trick between 7th and 8th, with no guarantee of success. JC Penney is moving into 33rd and 6th in the the old Sterns/Gimbels space, which has to be a sign of where the action is. Lord & Taylor won't be around much longer on 5th and 38th, but Macy's would be nuts to leave Herald Square.
This could make a lot of sense for Federated, but only if the move to Moynihan Station is temporary (say on a 50 year lease). New construction at the new site would allow Macy's to update and redefine the brand and take advantage of the Moynihan passenger traffic. The current Macy's space would be leased out - not sold. After all leases are up (2060?), Macy's could return to their original home if they wish; renovated for the tastes and needs of the day, of course.
This would be a real winner for Federated since they would retain control of the monster piece of real state they own and because two moves would allow two complete makeovers without affecting one day or dollar of retail operations.
An admirable plan to turn the Farley Building into Penn West (which I predicted wouldn't happen) has turned into a billion dollar boondoggle plan -- which similarly will never happen.
Macy's should stay where it is--great building, great location and great wooden escalators.
www.forgotten-ny.com
An admirable plan to turn the Farley Building into Penn West (which I predicted wouldn't happen) has turned into a billion dollar boondoggle plan -- which similarly will never happen.
Macy's should stay where it is--great building, great location and great wooden escalators.
www.forgotten-ny.com
You mean their building hasn't been designated as a landmark..? KW?