Barney’s Chelsea Store Hits the Market
By Chava Gourarie March 5, 2020 1:44 pm
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The vacant Chelsea office and retail condo that, until recently, housed a Barney’s New York department store is for sale with a price tag starting at $40 million.
JLL is marketing the four-story, 51,942-square-foot property, which sits at the base of a 19-story condo building at 101 Seventh Avenue, between West 16th and West 17th Streets. Barneys filled the entire space until last month when the bankrupt retailer shut down all its remaining locations.
The seller, Regency Centers, is expecting to fetch a price in the low- to mid-$40 million range, though demand could push it closer to $50 million, according to JLL. Regency acquired the asset via its 2017 merger with Equity One, which paid $55 million for the property in 2011, according to CoStar Group.
“With the recent closing of Barneys’ downtown location, 101 Seventh Avenue is a rare opportunity for investors to reposition an iconic New York property,” said JLL’s Rob Rizzi in prepared remarks. “This property is a blank canvas, located at the intersection of New York’s most dynamic neighborhoods, and is one of the few anchor-sized opportunities available in the Midtown South market.”
The property includes three floors of office space totaling 37,887 square feet and 14,055 of retail space on the ground floor and lower level.
“This unique space is universally adaptable, and can work for office users, tenants in the technology and media space, experiential retail concepts, and medical office space,” said JLL’s Brock Emmetsberger, in prepared remarks.
Barney’s has been located at the Seventh Avenue location since 2016, but its history there goes back a lot further. Its first store was opened on the same block in 1923, and the famed department store had a presence in the area until the nineties.
The storied department store filed for bankruptcy in August 2019 and was sold to Authentic Brands and B. Riley for $271 million in November 2019, with the buyers taking control of the intellectual property and eyeing store closures. Barney’s remaining stores closed in late February.
JLL’s team also includes Bob Knakal and Chase Tagenare. The firm’s Scott Aiese and Jillian Mariutti will provide financing guidance.
