Barneys New York’s nine-level flagship on Madison Avenue in Manhattan may be in for some reconfiguring.
The luxury retailer may reduce the size of the 275,000-sq.-ft. store by more than half in an effort to reduce its hefty annual rent, reported the New York Post. The landlord, Ashkenazy Acquisition Corp., is considering taking back some floors and converting them to office space or luxury apartments, the report said. Barneys signed a new 10-year lease in January, which raised the store costs to an annual $44 million, including property taxes, the New York Post said.
