Macy’s Inc. faces a difficult road as it dives into New York City real estate development.
The struggling retailer, trying to generate cash off prime real estate in midtown Manhattan, recently unveiled plans for a 1.5 million-square-foot building atop its iconic store in Manhattan’s Herald Square. But the proposed office tower requires zoning changes that have to be approved by the city, a potentially thorny political process that can delay, or even quash, the project.. . . more