Eataly in talks with Ashkenazy to gobble up some of Barneys space

Gourmet emporium could span 40K sf

New York /
Mar.March 24, 2020 09:01 AM
Ben Ashkenazy, CEO of Ashkenazy Acquisition Corporation and 660 Madison Avenue (Credit: Google Maps)

Ben Ashkenazy, CEO of Ashkenazy Acquisition Corporation and 660 Madison Avenue (Credit: Google Maps)

As the coronavirus crisis puts a damper on real estate dealmaking in the city, Italian food hall Eataly has recently been in talks to set up a new gourmet emporium at the site of the Barneys flagship at 660 Madison Avenue, the New York Post reported.

Barneys, which filed for Chapter 11 bankruptcy in August, struck a deal with landlord Ashkenazy Acquisition Corporation in November to keep the flagship open for at least 12 months with a reduced footprint. Eataly could take up to 40,000 square feet of the space vacated by Barneys.

Rent increases played a major role in Barneys’ decision to declare bankruptcy. In 2018, a city arbitrator gave Ashkenazy the go-ahead to nearly double the rent on the 275,000-square-foot space from $16 million a year to $30 million.

Eataly currently has two locations in New York City, at 4 World Trade Center in Lower Manhattan and 200 Fifth Avenue in the Flatiron District. The restaurants and counters at these locations are closed in accordance with government guidance, while the grocery stores remain open for business. [NYP] — Kevin Sun


Related Articles

arrow_forward_ios
Michael Remer and Richard Hodos (JLL, Getty)
Top retail broker Richard Hodos jumps from CBRE to JLL
Top retail broker Richard Hodos jumps from CBRE to JLL
RIPCO Real Estate’s Gene Spiegelman and Peter Ripka, JLL’s Matthew Ogle and Erin Grace (RIPCONY, JLL, Getty)
RIPCO, JLL take home REBNY’s retail deal of the year awards
RIPCO, JLL take home REBNY’s retail deal of the year awards
Ben Ashkenazy with 2067 Broadway (Google Maps, Getty)
Ashkenazy, Gindis face UWS foreclosure as feud drags on
Ashkenazy, Gindis face UWS foreclosure as feud drags on
Ben Ashkenazy with 660 Madison Ave
Louis Vuitton pop-up headed to former Barneys space
Louis Vuitton pop-up headed to former Barneys space
50 Pennsylvania Avenue (LinkedIn, Pennrose)
Supermarket nabs 20K sf at Pennrose project in Brooklyn
Supermarket nabs 20K sf at Pennrose project in Brooklyn
Hale and Hearty's Simon Jacobs and 111 Fulton Street (LinkedIn, Hale and Hearty, Getty, Streeteasy)
No soup for you: Hale and Hearty appears to bite the dust
No soup for you: Hale and Hearty appears to bite the dust
From left: Brivo's Steve Van Till and Crown Proptech's Richard Chera (Getty, LinkedIn/Steve Van Till, Crown Proptech)
Chera family fails to raise cash for Brivo proptech merger
Chera family fails to raise cash for Brivo proptech merger
L3 Capital co-founder Domenic Lanni and 91 North 6th Street in Williamsburg (L3 Capital, GBuilders Construction, Wikipedia/Gr1st, iStock)
Hermès leases Williamsburg outpost in Brooklyn debut
Hermès leases Williamsburg outpost in Brooklyn debut
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...