The fire started in a transformer vault in the street and smoke billowed into the basement of the building.
It happened before the store opened for the day just after 9:30 a.m., so there were no customers inside. However, nearly 100 people did have to evacuate the building.
The fire was placed under control just after noon.
Two people suffered minor injuries and were taken to a local hospital for treatment.
The store is currently closed and it's unclear if it will open Thursday.
Con Edison crews are repairing the underground electrical equipment that caught fire.
Tiffany & Co. reopened in April 2023 after a gut renovation that began in 2019.
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