Plans to Redevelop Century 21 Site Scrapped
Development Takes a New Turn
Plans to redevelop the former Century 21 flagship into an "urban retail landscape" have been scrapped. The Gindi family, who founded the now-defunct department store, have listed the lot and a collection of nearby buildings for sale, seeking a developer interested in building housing instead.
Background on the Site
The site, which spans nearly 200,000 square feet, is "well positioned to help address the acute need for additional multifamily housing in the Bay Ridge submarket," according to JLL Capital Markets, the commercial real estate company marketing the property. The site’s potential for residential development is further enhanced by its proximity to the 86th Street subway station and the ability to build retail stores on the ground floor.
Scrapped Plans
Last year, the family announced plans to transform 150,000 square feet of commercial space across 15 buildings into a vibrant shopping plaza with clothing, cosmetics, and other stores along with quality supermarkets. However, the JLL listing highlights the site’s potential for residential development, given the lack of high-quality multifamily buildings in the area.
New Opportunities
The site could be one of the first to benefit from the state’s 485-x "Affordable Neighborhoods for New Yorkers" law, the new tax exemption program that replaced 421-a; and the city’s pending "City of Yes" proposal, per JLL, which would reduce developer costs and ensure more affordable housing is included in the project.
ASG Equities Statement
"We are proud of our long history in the Bay Ridge community and remain dedicated to ensuring that the 86th Street corridor serves as a vibrant destination that will attract residents and visitors from across the borough and beyond for decades to come," said George Karnoupakis, head of asset management for ASG Equities.
Next Steps
The company is working with JLL to explore all options for moving forward with a redevelopment, which could involve new joint venture partners or an outright sale to an experienced residential developer.
Conclusion
The scrapping of the redevelopment plans marks a significant change in direction for the Gindi family and their Bay Ridge properties. However, the potential for new residential development and the city’s pending "City of Yes" proposal offer opportunities for the site to thrive.
FAQs
Q: What were the original plans for the Century 21 site?
A: The Gindi family announced plans to transform 150,000 square feet of commercial space into a vibrant shopping plaza with clothing, cosmetics, and other stores along with quality supermarkets.
Q: Why were the plans scrapped?
A: The plans were scrapped in favor of seeking a developer interested in building housing instead.
Q: What is the potential for the site?
A: The site is "well positioned to help address the acute need for additional multifamily housing in the Bay Ridge submarket," and could benefit from the state’s 485-x law and the city’s pending "City of Yes" proposal.
Q: What is the next step for the site?
A: The Gindi family is working with JLL to explore all options for moving forward with a redevelopment, which could involve new joint venture partners or an outright sale to an experienced residential developer.
