Full Breakdown
TJ Maxx to Open First New Store in Manhattan in Over a Decade
1/29/2026, 6:31:50 AM
Major Retail Development in Herald Square
TJ Maxx has signed a lease for a new store at JEMB Realty’s Herald Towers, marking its first new location in Manhattan in more than ten years. The store will occupy 40,000 square feet across two floors in the building, which was formerly the McAlpin Hotel. This development is significant as it represents the largest new retail lease in New York City in the past two years, amidst a trend where most recent retail commitments have been for health and fitness clubs, medical clinics, and fast food establishments.
The new TJ Maxx store will be situated on Broadway between West 33rd and West 34th Streets, adjacent to an upcoming 55,000-square-foot Old Navy store. Jacob Jerome, principal of JEMB Realty, expressed pride in welcoming TJ Maxx, emphasizing the store's role in revitalizing the Herald Square retail corridor, which is considered one of the most important shopping districts in the United States.
Context of Retail Recovery
The opening of TJ Maxx comes at a time when Herald Square is experiencing a resurgence in foot traffic and retail activity, particularly following the pandemic. The area has seen a gradual increase in crowds, with notable contributions from nearby Macy’s. The lease agreement is part of a broader trend of rising retail rents in the area, although they remain significantly lower than their peak in 2015. According to data from CBRE, average ground-floor retail rents on West 34th Street rose to $405 per square foot in late 2025, an 8% increase from the previous half-year.
Official Statements & Responses
Jacob Jerome stated, “Herald Towers continues to attract best-in-class national retailers seeking scale, visibility, and unmatched connectivity.” He highlighted that the addition of TJ Maxx and Old Navy is pivotal for the ongoing recovery of the retail market in Herald Square.
Criticism & Opposition
While the announcement has been largely positive, some critics argue that the focus on large retail chains may overshadow the need for diverse local businesses in the area. Concerns have been raised about the potential impact on smaller retailers who may struggle to compete with the pricing and marketing power of national brands.
Verbatim Quotes
- “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.” — Jacob Jerome, Principal, JEMB Realty
- “Herald Towers continues to attract best-in-class national retailers seeking scale, visibility and unmatched connectivity,” — Jacob Jerome, Principal, JEMB Realty
What's Next
The new TJ Maxx store is expected to open by the end of 2026, contributing to the ongoing transformation of Herald Square into a vibrant shopping destination. As the retail landscape continues to evolve, the success of this store will be closely monitored as an indicator of consumer confidence and retail recovery in Manhattan.
