The Related Companies and Vornado are reportedly in talks with Macy’s
about moving the department store from its historic Herald Square home
to a new Penn Station mall. The $14 billion proposal to build a new
Penn Station at the Farley Post Office is the subject of a public
hearing today. The city and state are proposing a special zoning
district that would grant developers the right to transfer more than
6.3 million square feet of development rights across the 20-block area
around Penn Station. Madison Square Garden needs to agree to move one
block to the Farley Post Office to make way for a new Penn Station. more [NYT] and more [Metro]