Barneys leases more than 275,000 square feet at 660 Madison Ave.
NEW YORK CITY—An arbitration proceeding has reportedly come down with a decision that would almost double luxury clothing retailer Barneys rent at its flagship location at 660 Madison Ave.
The decision by the arbitrator handed down on Friday would raise the current annual rent of more than $16 million to $30 million in the 10-year lease deal. With Barneys also responsible for other expenses, including property taxes, Barneys' annual obligations at the property would total more than $44 million, according to the New York Post.
Barney's current lease on its more than 275,000-square-foot location with building owner Ashkenazy Acquisition Corp. ends on Jan. 31, 2019.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
