The 22,000-square-foot store, which will be spread over four floors, will be the flagship store in the company's global retail portfolio, which now boasts 545 shops worldwide, the company said.
Set to open in November, the Hilfiger store will take over space occupied by Fortunoff since the late 1970s.
"Tommy Hilfiger has grown to become a globally recognized, premium lifestyle brand representing the quintessential values of 'Classic American Cool.,'" Fred Gehring, CEO of the Tommy Hilfiger Group, said in a statement.
"We have established an important retail presence throughout the world in cities such as London, Paris, Milan, Moscow, Shanghai, and Sao Paolo. Yet we were missing a real global anchor in New York City, the home of our brand, for quite some time. We are incredibly excited that following a long search, we have secured the perfect location for this very important initiative."