One of the nation’s top off-price retailers has claimed a new location in one of Manhattan’s hottest retail locations.
TJ Maxx has signed a lease for a 40,000sq ft space at Herald Towers, across the street from both Macy’s flagship store and Madison Square Garden. It is the first lease the brand has signed in New York City in 10 years.
“Herald Towers continues to attract best-in-class national retailers seeking scale, visibility and unmatched connectivity,” said Jacob Jerome of JEMB Realty, who led the transaction. “We are proud to welcome TJ Maxx alongside Old Navy, further accelerating the resurgence of Herald Square retail and reinforcing the corridor’s role as one of the most important shopping districts in the country.”
Herald Square has experienced a dramatic transformation over the past year, fuelled by surging foot traffic, unrivalled transportation infrastructure and a renewed wave of institutional retail commitments, according to JEMB.
In the last 10 months, more than 100,000sq ft of retail space has been leased at Herald Towers. Old Navy and Moo Futu are the other newest tenants.
Manhattan real estate has been on a roll with retail expansion over the past few years and 34th Street has been hitting a streak. Zara signed a lease for an 18,000sq ft space at 31 W. 34th St. and Primark plans to be opening up at the 78,000sq ft space vacated by Old Navy in its move to Herald Towers.
