In a breakthrough for Herald Square and Manhattan’s entire leasing scene, TJ Maxx is coming to JEMB Realty’s Herald Towers — the popular discounter’s first new Big Apple store in more than 10 years.
TJ Maxx signed a lease for a massive 40,000 square feet on two floors at the imposing rental apartment building that was once the McAlpin Hotel.
It’s the largest deal for a new store in the city signed this year or last.
Nearly all large recent new “retail” commitments were for health and fitness clubs, medical clinics, fast food and educational uses. The very few deals on the scale of TJ Maxx’s were renewals.
TJ Maxx also has prime Manhattan locations from 14 Wall St. to 5 West 125th St., including on West 57th Street and East 59th Street.
The signing brings Herald Towers’ 110,000 square feet of retail space to 95% leased. The new store will share the Herald Square blockfront with Old Navy, MooMoo and IT Italian Trattoria, which recently took 4,000 square feet in an unannounced transaction.
JEMB owns the entire 25-story former hotel building, which it bought in 1999 and converted into stylish rental apartments.
Although brisk business at Macy’s helped drive the return of Herald Square foot traffic after the pandemic, the street crowds didn’t swell to record levels until last year.
“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,” said landlord principal Jacob Jerome. RIPCO’s Richard Skulnik repped TJ Maxx.
Herald Square is home to mass-market brands such as H&M and Victoria’s Secret. The six-year vacancy at Herald Towers was a continued eyesore, although parts of the space — which was home to a GAP store until 2020 — was used for pop-ups including for Samsung and a few other temporary users.
