Old Navy to Move NYC Flagship to 55K SF at 50 West 34th Street

Old Navy, the largest brand in the Gap portfolio, has signed a major retail deal near Midtown’s Herald Square.

The apparel brand and retailer has signed a 15-year lease for 55,000 square feet across two floors of JEMB Realty’s 50 West 34th Street. The deal represents the largest retail lease in New York City so far this year, according to the landlord.

Old Navy will move one block east from its current 78,000-square-foot store at 150 West 34th Street into its new space at the building between Fifth Avenue and Avenue of the Americas, the luxury apartment building also known as Herald Towers, in 2026, JEMB Realty said.

And Old Navy’s old space is already spoken for, as Ireland-based fashion retailer Primark signed a 78,760-square-foot lease for it in October, as Commercial Observer previously reported.

“New York is the most important retail and tourism market in the world, drawing over 60 million visitors annually, and we are thrilled to announce Old Navy’s new flagship is coming to such a prime location,” Old Navy President and CEO Haio Barbeito said in a statement. The new store site is just down 34th Street from the Empire State Building.

Old Navy’s new store will “offer a differentiated shopping experience,” including “curated product assortments” for shoppers and tourists, as well as “experiential and interactive moments” to engage customers, according to a release.

“As we look to modernize the Old Navy customer experience, this new location will enable us to deliver a fresh, immersive, digitally led experience that invites visitors and shoppers from around the world to come play with style,” Barbeito said.

The asking rent was not provided, but a report from CBRE found retail rents in Manhattan averaged $659 per square foot during the first quarter of 2025.

Newmark’s Ariel Schuster brokered the deal for Old Navy, while LMJ Realty, a subsidiary of JEMB Realty, represented the landlord in-house. A spokesperson for Newmark did not immediately respond to a request for comment.

The deal also represents a bit of a homecoming for Gap, as it once leased space at the building for its namesake Gap brand, JEMB Realty said. Gap’s other brands include Athleta and Banana Republic.

“The retail space at Herald Towers is truly a crown jewel in New York City,” Morris Bailey, chairman of JEMB Realty, said in a statement. “This is the perfect location to unveil a vibrant new retail experience.”

Old Navy will take a portion of the 100,000 square feet of retail space at the base of the 25-story Herald Towers, which features 700 residential units. The other roughly 50,000 square feet of retail space at the building is currently available to new tenants, JEMB Realty said.

News of Old Navy’s deal also comes after JEMB Realty completed a 160,000-square-foot deal in August for Yeshiva University’s health sciences campus across the street at Herald Center, as CO previously reported.

Isabelle Durso can be reached at idurso@commercialobserver.com.