Barneys New York, is a retail giant that has been a centerpiece for retail shopping in New York City for decades. However, fans of the retail giant might have to look somewhere else for their retail goods. The Barneys New York future on Madison Avenue is definitely in jeopardy because the retail store and their landlord are in a rental tug of war.
Barneys New York In Arbitration
The lease for the retailer, Barneys New York, is almost at an end. The lease expires for the store in 2019. However, Barneys New York, and the landlord are at odds and are able to come to a mutual agreement over the rental cost or lease. Consequently, an arbitrator was called in to help the two sides come to an agreement and settle the dispute. Stories surfaced that the dispute is mainly over a fair market value for the property or land. Certainly, real estate in New York is high. Clearly, real estate on Madison Avenue is right in the middle of a prime market for retailers. The $20 million dollar deal to lease the prime real estate is definitely due for an overhaul.
Bye Bye Barneys New York Store
Certainly, quite a few people living in New York might wonder about the fate of the retail store, if the arbitrator is not able to bring the two sides together in an agreement. The fate of the store is clearly in the hands of the arbitrator. Two things could happen. The arbitrator sides with Barneys New York and the store stays on the Madison Avenue spot. The arbitrator agrees with the landlord and Barney’s moves from the Madison Avenue Location. Certainly, losing such a world wide famous store will affect the city and people that enjoy shopping at the store. Stay tuned, there is more to come on this heated situation. The arbitrator is currently in the middle of studying the situation very carefully. A ruling is due very soon.