Old Navy signs 55,000 s/f lease at JEMB Realty’s Herald Towers, 50 West 34th St.
Manhattan, NY Old Navy, America’s #1 specialty apparel brand and retailer and the largest brand in the Gap Inc. (GAP) portfolio, and JEMB Realty (JEMB), a family real estate firm, made known that Old Navy has signed a long-term retail lease at Herald Towers, 50 West 34th St. The 55,000 s/f Old Navy store spans two floors and will open in 2026. This agreement represents one of the borough’s top retail leases of the last five years, and the top retail lease so far in 2025.
“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,” said Old Navy president and CEO, Haio Barbeito.
Old Navy will relocate from its existing space at 150 West 34th St. to develop the brand’s next generation flagship in Herald Square, at the intersection of 34th and Avenue of the Americas. The new store will offer a differentiated shopping experience that includes curated product assortments tailored to local shoppers and tourists, along with experiential and interactive moments to excite and engage customers.
“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 new lease at Herald Towers showcases JEMB’s longstanding relationship with Gap Inc., whose founders Don and Doris Fisher once leased space in the same building for the company’s Gap brand.
“The retail space at Herald Towers is truly a crown jewel in New York City. We have been committed to delivering a world-class tenant to contribute to the resurgence of the Herald Square neighborhood and the residents of the 700 apartments upstairs. We have done that with this lease with Old Navy. This is the perfect location to unveil a vibrant new retail experience,” said Morris Bailey, chairman of JEMB Realty. “The lease is also a testament to the longstanding relationship between JEMB and Gap Inc. We negotiated the original lease directly with Gap Inc.’s founders, Don and Doris Fisher, and are gratified to be working with the company’s leadership again today.”
Alongside Gap Inc.’s real estate team, Ariel Schuster, vice chairman of Newmark represented Old Navy in the deal, while LMJ Realty, a subsidiary of JEMB, represented ownership in house.
For more than 35 years, JEMB has been committed to 34th St. through the unwavering stewardship of two important corners at the crossroads of 34th Street with Avenue of the Americas and Broadway. The Old Navy deal comes on the heels of JEMB’s 160,000 s/f lease for Yeshiva University’s health sciences campus at Herald Center.
Herald Towers was built in 1912, serving as the Hotel McAlpin until its conversion to residential use in 1980. JEMB acquired the asset in 1999, renaming it Herald Towers. Situated in Herald Square, the 25-story, one million s/f mixed-use building offers 700 residential units and an over 100,000 s/f ground-floor retail component. Its location on the corner of 34th St. and Broadway makes it one of the busiest pedestrian thoroughfares in New York City, making it an attractive spot for Old Navy’s global flagship store. Herald Towers is near the 34th St. – Herald Square station, one of the three busiest in the NYC subway and PATH system.