TJ Maxx to Open in Herald Square
In a significant development for Herald Square and the Manhattan rental market, TJ Maxx is set to open a new location at JEMB Realty’s Herald Towers. This marks the discount retailer’s first new store in New York City in over a decade.
The company has signed a substantial lease for a two-story, 40,000-square-foot space in what used to be the McAlpin Hotel. This lease is notable as it’s the largest new retail contract signed in the city this year or the last.
Recently, most sizeable retail contracts have been associated with health clubs, medical offices, and fast food establishments. The TJ Maxx deal stands out, especially since it was up for renewal.
Currently, TJ Maxx has stores in various well-trafficked Manhattan areas, including 14 Wall Street and 5 West 125th Street, alongside spots on West 57th and East 59th Streets.
The new agreement means that 95% of the retail space at Herald Towers will be leased. This store will sit alongside other tenants like Old Navy, MooMoo, and IT Italian Trattoria, which recently secured 4,000 square feet in a separate transaction.
JEMB Realty owns the entire former hotel building, a 25-story structure they purchased in 1999 and transformed into modern rental apartments.
After experiencing a downturn, Macy’s robust sales aided in revitalizing foot traffic in Herald Square post-pandemic. However, it was only last year that crowd levels reached new highs.
“We’re excited to have TJ Maxx join us alongside Old Navy. This addition will hasten the retail recovery of Herald Square, reinforcing its position as a major shopping destination,” stated landlord Jacob Jerome.
Herald Square hosts many popular brands like H&M and Victoria’s Secret. Following a six-year vacancy at Herald Towers, part of that space, which formerly housed a GAP store until 2020, was filled with pop-up shops including Samsung and others.
