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
National chains paid 95% of rent, while mom-and-pop shops paid 89%. (iStock)
August retail rent payments close to 2019 levels
August retail rent payments close to 2019 levels
Thor Equities’ Joe Sitt and 933 Broadway (Thor)
Thor Equities can keep $1.2M deposit on failed 933 Broadway sale: judge
Thor Equities can keep $1.2M deposit on failed 933 Broadway sale: judge
975 Nostrand Avenue in Brooklyn and Hudson Companies president David Kramer (Google Maps, Hudson Companies)
Hudson Companies buys 975 Nostrand Ave project site for $41M
Hudson Companies buys 975 Nostrand Ave project site for $41M
Real estate stocks climbed higher in August despite the end of a national eviction moratorium and uncertainty over how the delta variant would affect retail spending and a return to the office. (iStock)
Real estate stocks dodge obstacles, charge forward in August
Real estate stocks dodge obstacles, charge forward in August
Decentraland
Stranger than fiction: The great digital real estate land grab
Stranger than fiction: The great digital real estate land grab
Sayville Plaza at 5151 Sunrise Highway in Bohemia and Transformco's Scott Carr (Google Maps, Transformco)
Transformco pushes redevelopment of Long Island shopping center
Transformco pushes redevelopment of Long Island shopping center
(Getty)
DIYers are no longer racing for hammer and nail
DIYers are no longer racing for hammer and nail
B6 Real Estate Advisors' Zach Redding, Dylan Kane and 587 Fifth Avenue (B6)
A $36M Midtown listing tests Fifth Avenue’s comeback
A $36M Midtown listing tests Fifth Avenue’s comeback
arrow_forward_ios

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

Loading...