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JLL Markets Former Bay Ridge Century 21 for Redevelopment
JLL Capital Markets is marketing a development assemblage including the former Century 21 store in Bay Ridge, Brooklyn on behalf of the Gindi family’s ASG Equities. The site could be among the first to use the state’s new 485-x tax abatement and the Adams administration’s pending City of Yes program, which would allow developments to add at least 20% more housing if the additional units are priced affordably.
Located at the site of the former Century 21, 458 86th St. offers nearly 200,000 buildable square feet for a mixed-use development. 416 87th St. offers 62,792 square feet of commercial space and 123,279 square feet of parking across six stories.
ASG head of asset management George Karnoupakis said a redevelopment could entail “new joint venture partners or an outright sale to an experienced residential developer.”
The JLL team leading marketing efforts includes Ethan Stanton, Jeffrey Julien, Michael Mazzara and Brendan Maddigan.
What does 2025 hold for the Tri-State multifamily market? On October 1, hear industry experts forecast where the region stands compared to the nation, where new development is headed, and what transactional activity and rental demand will look like by the end of 2024 and into 2025. Don’t miss this key discussion at Connect Tri-State Multifamily.
- ◦Sale/Acquisition
- ◦Development
