Roseman of Newmark Grubb Knight Frank secures 57,000 s/f lease for Barneys

Almost 20 years from its departure and 84 years from when Barney Pressman opened his first store, Barneys New York is returning home to its legendary location at the corner of Seventh Ave. and 17th St. Newmark Grubb Knight Frank (NGKF) Retail secured a long-term lease for the upscale specialty retailer in the same Chelsea building where it all began for Barneys. NGKF executive vice president Jeffrey Roseman represented Barneys for the 57,000 s/f space at 101 Seventh Ave., between 16th and 17th Sts. The store, which will occupy five floors of the building with a Freds restaurant on its upper level, is slated to open in 2017. Loehmann's has been occupying the space since Barneys' departure, and coincidently recently filed for Chapter 11 bankruptcy protection. "The fact that the site was still referred to as 'The former Barneys store'—20 years after it left—shows the impact it had on the neighborhood," Roseman said. "Barneys' return to that historic location is clearly monumental not only for Chelsea, but all of New York City." The store will have 200 ft. of frontage along Seventh Ave., and wrap around to 16th St. Its interior is planned to mimic the open gallery style feel found in the Madison Ave. location. The Chelsea location will carry "men's and women's designer clothing, shoes, and accessories, and will feature a Foundation level for cosmetics, skincare, and fragrances," according to the retailer. Besides the Madison Ave. location, Barneys New York operates over 40 locations across the U.S. with flagship stores in New York, Beverly Hills and Chicago. Barneys is leasing its Chelsea space from Equity One, a national retail REIT based in North Miami Beach, Fla. Ownership was represented by Peter Ripka of Ripco Real Estate.