Italian Firm Buys Barneys Building

by MR Magazine Staff

The building that houses the flagship store of the Barneys luxury department store chain has been sold to an Italian real estate firm, reports Bloomberg News. The Milan-based firm, Risanamento, purchased the East 60th Street structure for $375 million.

Barneys is one of a number of tenants in the 23-story building; others include the investment banking firm Gleacher Partners, real estate investor Colony Capital, and Dolce & Gabbana.

The Barneys chain was recently sold by Jones Apparel Group to the Dubai-based investment group Istithmar after a heated bidding was with the Japanese group Fast Retailing.