Posted Mar 21, 2025, 2:46 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
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https://therealdeal.com/new-york/202...s-655-madison/
Chanel eyes $450M retail deal at Extell’s 655 Madison
Fashion brand in discussions for 65K sf
March 21, 2025
Holden Walter-Warner
Quote:
Gary Barnett’s luxury project at 655 Madison Avenue is a ways away from reality, but he may have already found a retail tenant willing to pay big bucks to secure its space.
Luxury fashion brand Chanel is in discussions to purchase the retail space at the Midtown Manhattan development, the Commercial Observer reported. Chanel may pay in the mid-$400 millions for the 65,000 square feet at the corner of East 60th Street and Madison Avenue.
The deal, which has not been finalized, would give the brand space on the ground floor, as well as below street level and on higher floors. The blended price of a $450 million deal would break down to $7,000 per square foot.
Outside of the large price tag, Extell Development could also benefit from the presence of Chanel as a means to help secure financing for the project.
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