That’s good news!!
I guess. It’s basically just confirming that they took the planned project into account in their environmental assessment.
Like it says they don’t know if the project will priceed or not.
I wonder if this will ever move forward.
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Hopefully it does. I really liked this project
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Will the potential new owners want to monetise the real estate?
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The pandemic stalled the idea. Then, in May 2021, CEO Jeff Gennette doubled-down on the vision, saying Macy’s would spend $235 million to upgrade Herald Square’s transit and pedestrian features — a step toward getting a zoning change needed for a new tower.
But the initiative hasn’t gone anywhere. Department of City Planning spokesman Joe Marvilli told Realty Check that Macy’s has filed no application for them. Macy’s spokeswoman Stephanie Jimenez said the store “is declining to comment at this time.”
A prominent commercial dealmaker sneered to Realty Check, “Are you kidding? Offices over Herald Square? In the worst market in fifty years? At the same time when four or five other supertall plans aren’t going anywhere, either?
“Yes, everything could change in a few years,” the insider conceded. “But takeovers aren’t usually based on the long-term. Hedge funds want returns right away.”
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I wonder how this will affect the tower plans, as the vultures were more likely to monetize the air above Herald Square than Macy’s current management.
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I hope for another supertall.
This is New York
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