Chanel is exploring grabbing a piece of Extell Development's mixed-use site plans at 655 Madison Avenue.
The luxury brand is in talks to purchase retail space that would serve as the base for the luxury condo portion of the project, the Commercial Observer reported. While no deal is completed yet, sources told the outlet that Chanel might be willing to spend $450 million to own roughly 65,000 square feet, which would be located under the street level and on the higher floors of 655 Madison. That would value the segment of the property at roughly $7,000 per square foot.
Previously, Chanel was in negotiations to buy space at 660 Madison Avenue for about $600 million — but things went south due to a broker fee, the CO said.
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