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Fate of Barneys New York flagship up to arbitrator

Added on 25 December 2017 - 12:58 'Viewed 9 views times.

Barneys New York is fighting like hell to save its Madison Avenue flagship.

After more than six months of intense but fruitless negotiations over a lease extension with its landlord at 660 Madison Ave., the posh retailer ’s future at the address hinges on an arbitrator ’s ruling, The Post has learned.

A decision is expected in the next few months, sources said.

At issue is Barneys ’ lease, which expires in 2019 and calls for any extension to include fair market rent value.

Ashkenazy Acquisition, which owns the 275,000-square-foot building, feels fair market rent is much higher than Barneys believes it is, sources said.

After the two sides couldn ’t agree on a new lease, the issue recently went before an arbitrator — who will likely pick either Barneys ’ number or Ashkenazy ’s number.

Barneys ’ annual rent for its nine-story store is currently about $20 million. If the arbitrator picks the landlord ’s number, Barneys could decide to move because the rent would be too damn high.

Ashkenazy and Barneys declined to comment, but sources said Barneys ’ ability to stay on Madison is critical, since the flagship accounts for at least one-third of the 24-store chain ’s total revenues.

see also

Is Barneys leaving Madison Avenue?

Is Barneys leaving Madison Avenue?

Hedge fund mogul Richard Perry will need to channel his…

“Over the past six months, they haven ’t been able to reach a compromise,” said one source familiar with the situation. “This is a high-stakes situation for both parties.”

One factor working in Barneys ’ favor is that real estate rents in the city are falling.

“Retail landlords still have very lofty views of what their real estate is worth, but retail rents are clearly trending downward,” said real estate lawyer Joshua Stein, who is not involved in the Barneys matter.

Barneys ’ Beverly Hills store lease is also up in 2019 — and is equally as valuable, sources said

Barneys New York is fighting like hell to save its Madison Avenue flagship.

After more than six months of intense but fruitless negotiations over a lease extension with its landlord at 660 Madison Ave., the posh retailer ’s future at the address hinges on an arbitrator ’s ruling, The Post has learned.

A decision is expected in the next few months, sources said.

At issue is Barneys ’ lease, which expires in 2019 and calls for any extension to include fair market rent value.

Ashkenazy Acquisition, which owns the 275,000-square-foot building, feels fair market rent is much higher than Barneys believes it is, sources said.

After the two sides couldn ’t agree on a new lease, the issue recently went before an arbitrator — who will likely pick either Barneys ’ number or Ashkenazy ’s number.

Barneys ’ annual rent for its nine-story store is currently about $20 million. If the arbitrator picks the landlord ’s number, Barneys could decide to move because the rent would be too damn high.

Ashkenazy and Barneys declined to comment, but sources said Barneys ’ ability to stay on Madison is critical, since the flagship accounts for at least one-third of the 24-store chain ’s total revenues.

see also

Is Barneys leaving Madison Avenue?

Is Barneys leaving Madison Avenue?

Hedge fund mogul Richard Perry will need to channel his…

“Over the past six months, they haven ’t been able to reach a compromise,” said one source familiar with the situation. “This is a high-stakes situation for both parties.”

One factor working in Barneys ’ favor is that real estate rents in the city are falling.

“Retail landlords still have very lofty views of what their real estate is worth, but retail rents are clearly trending downward,” said real estate lawyer Joshua Stein, who is not involved in the Barneys matter.

Barneys ’ Beverly Hills store lease is also up in 2019 — and is equally as valuable, sources said

Barneys New York is fighting like hell to save its Madison Avenue flagship.

After more than six months of intense but fruitless negotiations over a lease extension with its landlord at 660 Madison Ave., the posh retailer ’s future at the address hinges on an arbitrator ’s ruling, The Post has learned.

A decision is expected in the next few months, sources said.

At issue is Barneys ’ lease, which expires in 2019 and calls for any extension to include fair market rent value.

Ashkenazy Acquisition, which owns the 275,000-square-foot building, feels fair market rent is much higher than Barneys believes it is, sources said.

After the two sides couldn ’t agree on a new lease, the issue recently went before an arbitrator — who will likely pick either Barneys ’ number or Ashkenazy ’s number.

Barneys ’ annual rent for its nine-story store is currently about $20 million. If the arbitrator picks the landlord ’s number, Barneys could decide to move because the rent would be too damn high.

Ashkenazy and Barneys declined to comment, but sources said Barneys ’ ability to stay on Madison is critical, since the flagship accounts for at least one-third of the 24-store chain ’s total revenues.

see also

Is Barneys leaving Madison Avenue?

Is Barneys leaving Madison Avenue?

Hedge fund mogul Richard Perry will need to channel his…

“Over the past six months, they haven ’t been able to reach a compromise,” said one source familiar with the situation. “This is a high-stakes situation for both parties.”

One factor working in Barneys ’ favor is that real estate rents in the city are falling.

“Retail landlords still have very lofty views of what their real estate is worth, but retail rents are clearly trending downward,” said real estate lawyer Joshua Stein, who is not involved in the Barneys matter.

Barneys ’ Beverly Hills store lease is also up in 2019 — and is equally as valuable, sources said

Barneys New York is fighting like hell to save its Madison Avenue flagship.

After more than six months of intense but fruitless negotiations over a lease extension with its landlord at 660 Madison Ave., the posh retailer ’s future at the address hinges on an arbitrator ’s ruling, The Post has learned.

A decision is expected in the next few months, sources said.

At issue is Barneys ’ lease, which expires in 2019 and calls for any extension to include fair market rent value.

Ashkenazy Acquisition, which owns the 275,000-square-foot building, feels fair market rent is much higher than Barneys believes it is, sources said.

After the two sides couldn ’t agree on a new lease, the issue recently went before an arbitrator — who will likely pick either Barneys ’ number or Ashkenazy ’s number.

Barneys ’ annual rent for its nine-story store is currently about $20 million. If the arbitrator picks the landlord ’s number, Barneys could decide to move because the rent would be too damn high.

Ashkenazy and Barneys declined to comment, but sources said Barneys ’ ability to stay on Madison is critical, since the flagship accounts for at least one-third of the 24-store chain ’s total revenues.

see also

Is Barneys leaving Madison Avenue?

Is Barneys leaving Madison Avenue?

Hedge fund mogul Richard Perry will need to channel his…

“Over the past six months, they haven ’t been able to reach a compromise,” said one source familiar with the situation. “This is a high-stakes situation for both parties.”

One factor working in Barneys ’ favor is that real estate rents in the city are falling.

“Retail landlords still have very lofty views of what their real estate is worth, but retail rents are clearly trending downward,” said real estate lawyer Joshua Stein, who is not involved in the Barneys matter.

Barneys ’ Beverly Hills store lease is also up in 2019 — and is equally as valuable, sources said

Barneys New York is fighting like hell to save its Madison Avenue flagship.

After more than six months of intense but fruitless negotiations over a lease extension with its landlord at 660 Madison Ave., the posh retailer ’s future at the address hinges on an arbitrator ’s ruling, The Post has learned.

A decision is expected in the next few months, sources said.

At issue is Barneys ’ lease, which expires in 2019 and calls for any extension to include fair market rent value.

Ashkenazy Acquisition, which owns the 275,000-square-foot building, feels fair market rent is much higher than Barneys believes it is, sources said.

After the two sides couldn ’t agree on a new lease, the issue recently went before an arbitrator — who will likely pick either Barneys ’ number or Ashkenazy ’s number.

Barneys ’ annual rent for its nine-story store is currently about $20 million. If the arbitrator picks the landlord ’s number, Barneys could decide to move because the rent would be too damn high.

Ashkenazy and Barneys declined to comment, but sources said Barneys ’ ability to stay on Madison is critical, since the flagship accounts for at least one-third of the 24-store chain ’s total revenues.

see also

Is Barneys leaving Madison Avenue?

Is Barneys leaving Madison Avenue?

Hedge fund mogul Richard Perry will need to channel his…

“Over the past six months, they haven ’t been able to reach a compromise,” said one source familiar with the situation. “This is a high-stakes situation for both parties.”

One factor working in Barneys ’ favor is that real estate rents in the city are falling.

“Retail landlords still have very lofty views of what their real estate is worth, but retail rents are clearly trending downward,” said real estate lawyer Joshua Stein, who is not involved in the Barneys matter.

Barneys ’ Beverly Hills store lease is also up in 2019 — and is equally as valuable, sources said

Barneys New York is fighting like hell to save its Madison Avenue flagship.

After more than six months of intense but fruitless negotiations over a lease extension with its landlord at 660 Madison Ave., the posh retailer ’s future at the address hinges on an arbitrator ’s ruling, The Post has learned.

A decision is expected in the next few months, sources said.

At issue is Barneys ’ lease, which expires in 2019 and calls for any extension to include fair market rent value.

Ashkenazy Acquisition, which owns the 275,000-square-foot building, feels fair market rent is much higher than Barneys believes it is, sources said.

After the two sides couldn ’t agree on a new lease, the issue recently went before an arbitrator — who will likely pick either Barneys ’ number or Ashkenazy ’s number.

Barneys ’ annual rent for its nine-story store is currently about $20 million. If the arbitrator picks the landlord ’s number, Barneys could decide to move because the rent would be too damn high.

Ashkenazy and Barneys declined to comment, but sources said Barneys ’ ability to stay on Madison is critical, since the flagship accounts for at least one-third of the 24-store chain ’s total revenues.

see also

Is Barneys leaving Madison Avenue?

Is Barneys leaving Madison Avenue?

Hedge fund mogul Richard Perry will need to channel his…

“Over the past six months, they haven ’t been able to reach a compromise,” said one source familiar with the situation. “This is a high-stakes situation for both parties.”

One factor working in Barneys ’ favor is that real estate rents in the city are falling.

“Retail landlords still have very lofty views of what their real estate is worth, but retail rents are clearly trending downward,” said real estate lawyer Joshua Stein, who is not involved in the Barneys matter.

Barneys ’ Beverly Hills store lease is also up in 2019 — and is equally as valuable, sources said

Barneys New York is fighting like hell to save its Madison Avenue flagship.

After more than six months of intense but fruitless negotiations over a lease extension with its landlord at 660 Madison Ave., the posh retailer ’s future at the address hinges on an arbitrator ’s ruling, The Post has learned.

A decision is expected in the next few months, sources said.

At issue is Barneys ’ lease, which expires in 2019 and calls for any extension to include fair market rent value.

Ashkenazy Acquisition, which owns the 275,000-square-foot building, feels fair market rent is much higher than Barneys believes it is, sources said.

After the two sides couldn ’t agree on a new lease, the issue recently went before an arbitrator — who will likely pick either Barneys ’ number or Ashkenazy ’s number.

Barneys ’ annual rent for its nine-story store is currently about $20 million. If the arbitrator picks the landlord ’s number, Barneys could decide to move because the rent would be too damn high.

Ashkenazy and Barneys declined to comment, but sources said Barneys ’ ability to stay on Madison is critical, since the flagship accounts for at least one-third of the 24-store chain ’s total revenues.

see also

Is Barneys leaving Madison Avenue?

Is Barneys leaving Madison Avenue?

Hedge fund mogul Richard Perry will need to channel his…

“Over the past six months, they haven ’t been able to reach a compromise,” said one source familiar with the situation. “This is a high-stakes situation for both parties.”

One factor working in Barneys ’ favor is that real estate rents in the city are falling.

“Retail landlords still have very lofty views of what their real estate is worth, but retail rents are clearly trending downward,” said real estate lawyer Joshua Stein, who is not involved in the Barneys matter.

Barneys ’ Beverly Hills store lease is also up in 2019 — and is equally as valuable, sources said

Barneys New York is fighting like hell to save its Madison Avenue flagship.

After more than six months of intense but fruitless negotiations over a lease extension with its landlord at 660 Madison Ave., the posh retailer ’s future at the address hinges on an arbitrator ’s ruling, The Post has learned.

A decision is expected in the next few months, sources said.

At issue is Barneys ’ lease, which expires in 2019 and calls for any extension to include fair market rent value.

Ashkenazy Acquisition, which owns the 275,000-square-foot building, feels fair market rent is much higher than Barneys believes it is, sources said.

After the two sides couldn ’t agree on a new lease, the issue recently went before an arbitrator — who will likely pick either Barneys ’ number or Ashkenazy ’s number.

Barneys ’ annual rent for its nine-story store is currently about $20 million. If the arbitrator picks the landlord ’s number, Barneys could decide to move because the rent would be too damn high.

Ashkenazy and Barneys declined to comment, but sources said Barneys ’ ability to stay on Madison is critical, since the flagship accounts for at least one-third of the 24-store chain ’s total revenues.

see also

Is Barneys leaving Madison Avenue?

Is Barneys leaving Madison Avenue?

Hedge fund mogul Richard Perry will need to channel his…

“Over the past six months, they haven ’t been able to reach a compromise,” said one source familiar with the situation. “This is a high-stakes situation for both parties.”

One factor working in Barneys ’ favor is that real estate rents in the city are falling.

“Retail landlords still have very lofty views of what their real estate is worth, but retail rents are clearly trending downward,” said real estate lawyer Joshua Stein, who is not involved in the Barneys matter.

Barneys ’ Beverly Hills store lease is also up in 2019 — and is equally as valuable, sources said

Barneys New York is fighting like hell to save its Madison Avenue flagship.

After more than six months of intense but fruitless negotiations over a lease extension with its landlord at 660 Madison Ave., the posh retailer ’s future at the address hinges on an arbitrator ’s ruling, The Post has learned.

A decision is expected in the next few months, sources said.

At issue is Barneys ’ lease, which expires in 2019 and calls for any extension to include fair market rent value.

Ashkenazy Acquisition, which owns the 275,000-square-foot building, feels fair market rent is much higher than Barneys believes it is, sources said.

After the two sides couldn ’t agree on a new lease, the issue recently went before an arbitrator — who will likely pick either Barneys ’ number or Ashkenazy ’s number.

Barneys ’ annual rent for its nine-story store is currently about $20 million. If the arbitrator picks the landlord ’s number, Barneys could decide to move because the rent would be too damn high.

Ashkenazy and Barneys declined to comment, but sources said Barneys ’ ability to stay on Madison is critical, since the flagship accounts for at least one-third of the 24-store chain ’s total revenues.

see also

Is Barneys leaving Madison Avenue?

Is Barneys leaving Madison Avenue?

Hedge fund mogul Richard Perry will need to channel his…

“Over the past six months, they haven ’t been able to reach a compromise,” said one source familiar with the situation. “This is a high-stakes situation for both parties.”

One factor working in Barneys ’ favor is that real estate rents in the city are falling.

“Retail landlords still have very lofty views of what their real estate is worth, but retail rents are clearly trending downward,” said real estate lawyer Joshua Stein, who is not involved in the Barneys matter.

Barneys ’ Beverly Hills store lease is also up in 2019 — and is equally as valuable, sources said

Barneys New York is fighting like hell to save its Madison Avenue flagship.

After more than six months of intense but fruitless negotiations over a lease extension with its landlord at 660 Madison Ave., the posh retailer ’s future at the address hinges on an arbitrator ’s ruling, The Post has learned.

A decision is expected in the next few months, sources said.

At issue is Barneys ’ lease, which expires in 2019 and calls for any extension to include fair market rent value.

Ashkenazy Acquisition, which owns the 275,000-square-foot building, feels fair market rent is much higher than Barneys believes it is, sources said.

After the two sides couldn ’t agree on a new lease, the issue recently went before an arbitrator — who will likely pick either Barneys ’ number or Ashkenazy ’s number.

Barneys ’ annual rent for its nine-story store is currently about $20 million. If the arbitrator picks the landlord ’s number, Barneys could decide to move because the rent would be too damn high.

Ashkenazy and Barneys declined to comment, but sources said Barneys ’ ability to stay on Madison is critical, since the flagship accounts for at least one-third of the 24-store chain ’s total revenues.

see also

Is Barneys leaving Madison Avenue?

Is Barneys leaving Madison Avenue?

Hedge fund mogul Richard Perry will need to channel his…

“Over the past six months, they haven ’t been able to reach a compromise,” said one source familiar with the situation. “This is a high-stakes situation for both parties.”

One factor working in Barneys ’ favor is that real estate rents in the city are falling.

“Retail landlords still have very lofty views of what their real estate is worth, but retail rents are clearly trending downward,” said real estate lawyer Joshua Stein, who is not involved in the Barneys matter.

Barneys ’ Beverly Hills store lease is also up in 2019 — and is equally as valuable, sources said

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