**Old Navy Signs Major Lease at Herald Towers in Manhattan**
Old Navy has finalized a long-term lease agreement to open a 55,000-square-foot store at JEMB Realty’s Herald Towers, located at 50 W. 34th Street in Manhattan. The new flagship location will occupy two floors and is scheduled to open in 2026.
This lease is being recognized as one of Manhattan’s most significant retail transactions in the past five years, and it currently holds the title of the largest retail lease of 2025 to date.
“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. The retailer will move from its current location at 150 W. 34th Street to create a next-generation retail experience in the new space.
The lease highlights JEMB Realty’s historic relationship with Gap Inc., the parent company of Old Navy. Gap Inc.’s founders, Don and Doris Fisher, previously leased space in the same building for the Gap brand.
Newmark Vice Chairman Ariel Schuster represented Old Navy in the lease negotiations, while ownership was represented in-house by LMJ Realty, a subsidiary of JEMB.
