The Real Deal New York

You can soon live above Barney’s New York

Safra family planning apartments, hotel atop 660 Madison

December 10, 2015 06:10PM
By E.B. Solomont and Kyna Doles


660 Madison Avenue

It’s Rachel Green’s dream come true.

The Safra family plans to add 54 apartments and hotel rooms above Barney’s New York at 660 Madison Avenue, according to city records filed Thursday.

New Department of Buildings filings show that the plans wouldn’t look to expand the 475,000-square-foot property at 61st Street and Madison Avenue, which houses Barney’s on the lower floors and office condominiums on the 10th through 23rd floors. Instead, the upper floors would be reconfigured to accommodate the new units. The retail space on the lower nine floors will also remain untouched.

Plans were filed by JSRE Acquisitions LLC, the real estate family office for the Safra family. The Brazilian banking dynasty paid $285 million for the 200,000-square-foot office property in 2010. Ashkenazy Acquisition has owned the 275,000-square-foot retail condo since 2001.

According to the DOB application, 660 Madison will have seven units on floors 10 through 16, one unit each on floors 17 through 20 and a duplex on the 21st and 22nd floors.

Current office tenants at the building include the Corcoran Group and private equity firm Lexington Partners.

The Safra family is also a part owner of the GM Building at 767 Fifth Avenue. Earlier this year, the family was reportedly in discussions to acquire a minority stake in 590 Madison, the 43-story office tower owned by Minskoff Equities and the State Teachers Retirement System of Ohio. The deal would value that property at north of $1.5 billion.