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Home / Business / Macy's shares are up 2% from the report broker who can build an office tower on the New York flagship

Macy's shares are up 2% from the report broker who can build an office tower on the New York flagship



A New York Department of Buildings official told CNBC that a request for expansion of the 151st West 34th Street (151) building was not filed last year, according to the department's records, a market capitalization of $ 7.7 billion U.S. dollar. The investment company Cowen, however, has previously estimated the retailer's real estate at around $ 16 billion.

Jeff Gennette, CEO of Macy's, said earlier this year that the company had explored other uses for some of its main sites, including the Herald Square Store. He said the company was in the process of holding "preliminary discussions with city officials and community stakeholders" to discuss "complementary uses" in the Herald Square business.

The retailer also adds 1

,500 square meters of "story" stores. At 36 Macy's stores across the country, including Herald Square Store.

Macy's, which also owns Bloomingdale's, operates around 680 department stores. In early 2017, Macy's announced plans to close 100 stores, but it also worked with Brookfield Asset Management to redevelop 50 or more properties. Another 350 shops are planned to get a new face. And at four locations, the company is testing a smaller format called "convenience stores" that will be cut by about a fifth.

Should Macy's build an office tower on his flagship, this would not be the first case of the iconic department store in New York's midtown offering office space. Earlier this year, Hudson's Bay had completed the sale of its Lord & Taylor Fifth Avenue store to the office community WeWork Property Investors.

-CNBCs

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