TJ Maxx to Open 40K-SF Store at Herald Towers
By Lois Weiss January 28, 2026 4:48 pm
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Discount department store T.J. Maxx has signed a lease for 40,000 square feet at JEMB Realty’s Herald Towers, where it will open at the end of this year on the ground and lower levels. This is the first Manhattan lease by the big-box store in nearly a decade.
T.J. Maxx’s new Herald Square store on Broadway between West 33rd and West 34th streets will be right next to the upcoming 55,000-square-foot Old Navy store, which signed with JEMB Realty in a relocation from 150 West 34th Street in May. Old Navy’s old spot is being readied for fast-fashion retailer Primark.
“Herald Towers continues to attract best-in-class national retailers seeking scale, visibility and unmatched connectivity,” said Jacob Jerome of JEMB Realty. “We are proud to welcome T.J. 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.”
Richard Skulnik of Ripco Real Estate represented T.J. Maxx in the deal, while JEMB Realty represented itself in-house.
The asking rent for the 10-year deal was a blended $4 million, according to sources. The average ground-floor retail asking rents on West 34th Street were $405 per square foot during the fourth quarter of 2025, up 8 percent from the second half of the year, data from CBRE shows.
The deal reinforces the recovery of the Herald Square and 34th Street retail market, where rents are rising but still less than half of what they were in 2015. According to the Real Estate Board of New York, the average retail rent in the first half of 2025 was down 59 percent from the peak of $1,000 per square foot in the first half of 2015.
The new lease also represents T.J. Maxx’s eighth location in Manhattan, following previous openings at 250 West 57th Street and 808 Columbus Avenue on the Upper West Side, 407 East 59th Street on the Upper East Side, 620 Avenue of the Americas in the Flatiron District, 483 Broadway in SoHo, 14 Wall Street in the Financial District, and 5 West 125th Street in Harlem.
T.J. Maxx will join several other tenants at Herald Towers, which has an official address of 50 West 34th Street. Besides Old Navy, tenants include international trading platform Moomoo, which leased 2,500 square feet at the building in September. Moomoo’s space is on the ground-floor corner of West 33rd Street, while T.J. Maxx’s new space will wrap around it.
Herald Towers was reconfigured from the historic McAlpin Hotel, where former President William Howard Taft celebrated its first anniversary in 1913. In 1947, Jackie Robinson received a call in his 11th-floor room asking him to join the Brooklyn Dodgers, making him the first Black player to break Major League Baseball’s segregation policy.
JEMB Realty bought the property in 1999 for $150 million and renamed it Herald Towers, renovating it into 690 apartments. Available rentals now range from a $3,500 per month studio to a $6,950 per month two-bedroom, two-bath unit on the 20th floor.
