Barneys leases more than 275,000 square feet at 660 Madison Ave.

NEW YORK CITY—An arbitration proceeding has reportedly come down with a decision that would almost double luxury clothing retailer Barneys rent at its flagship location at 660 Madison Ave.

The decision by the arbitrator handed down on Friday would raise the current annual rent of more than $16 million to $30 million in the 10-year lease deal. With Barneys also responsible for other expenses, including property taxes, Barneys' annual obligations at the property would total more than $44 million, according to the New York Post.

Barney's current lease on its more than 275,000-square-foot location with building owner Ashkenazy Acquisition Corp. ends on Jan. 31, 2019.

“While we are disappointed in the decision,” Barneys said in a statement released to the New York Post. “Our customers remain our top priority and we are committed to providing them excellent services, products and experiences at our Madison Avenue location.”