Chanel is in talks to purchase 65,000 square feet of retail space at Extell’s 655 Madison Avenue for around 450 m. The deal, if finalized, would price the space at 7,000 per square foot and could help Extell secure financing for the project. Chanel previously considered a 600 m purchase at 660 Madison but backed out over a brokerage fee dispute. Luxury brands increasingly prefer owning their spaces, as seen with Kering’s 963 m purchase on Fifth Avenue and Prada’s 425 m deal. Extell plans a 193,000-square-foot building with 62 residential units at the site.
655 Madison Avenue
