This mall is a high-traffic shopping venue and has had A&S and Sterns as anchor stores in the past. Currently the major anchor store is JC Penney. Venture bought the building in 1999 for $135 million and sold it to Vornado Realty Trust in 2006 for $689 million. There are entrances to the 34th Street – Herald Square New York City Subway station (B D F M N Q R trains) and the 33rd Street PATH station (HOB-33rd, JSQ-33rd, and JSQ-33rd via HOB trains) on the second basement level.
The mall is located in the high-rise building formerly used by the Gimbels flagship store, which closed in 1986. After a renovation, it reopened as A&S Plaza in 1989. It was originally 13 levels high but difficult access to upper floors made the whole mall a financial failure. Soon after Stern's closed, all floors were converted to office space, except the first and second and the two basement levels. On April 18, 2007, JCPenney announced that it would open a 150,000-square-foot (14,000 m2) store at the mall, its first in Manhattan.  Retailers and the food court were closed to make way for the new store and the direct underground entrance to the New York City Subway and PATH was temporarily closed. The store was opened on July 31, 2009.
- Weiss, Lois. "HERALD SQUARE DANCE: FRENZY OF COMMERCIAL DEALS IN RETAIL MECCA", The New York Post, November 29, 2006. Accessed October 2, 2007. "Then yesterday, Vornado Realty Trust revealed that it is buying the Manhattan Mall from Argent Ventures for $689 million."
- Kavilanz, Parija B. JCPenney to open first Manhattan store: Department store chain announces it will open its first Big Apple location in the Manhattan Mall; ups first-quarter profit guidance., CNN Money, April 18, 2007.