For decades it’s been hidden behind billboards or wrapped in a giant faux shopping bag. Many shoppers never even notice it.

But old photos reveal a five-story building (right, in 1906), sticking out like a sore thumb in front of the world’s most iconic department store.

Although Macy’s leases ad space on it, the five-story building has never been owned by the store and is one of the most famous “holdouts” in New York real estate history.

It all started around 1900, when Macy’s, then located on West 14th Street, began picking up land in Herald Square for its huge new shopping mecca.

Macy’s had a verbal agreement to buy a plot at the corner of 34th and Broadway. But an agent acting on behalf of rival department store Siegel-Cooper scored the plot instead.

Reportedly the agent wanted Macy’s to give Siegel-Cooper its 14th Street store in exchange for the land at 34th Street.

But Macy’s wouldn’t have it. The store was built around the plot.

In 1903, Siegel-Cooper put up the five-story building there today.

[Above, how Macy’s covered up the building in 1936 and in the 1960s]

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Tags: Herald Square, Herald Square in the 1930s, holdout buildings, Macy's, Macy's 14th Street, Macy's history, Nedicks Herald Square, New York department stores, New York street, R.H. Macy, real estate holdouts, Siegel Cooper