Century 21 redevelopment plans 86’d

The long wait for a revitalized 86th Street shopping corridor goes on.

The Gindi family, which owns the space that housed the shuttered Century 21 department store, announced plans last year for a 150,000-square-foot retail complex.

However, according to Crain’s, the family has put the property up for sale and real estate company JLL Capital Markets is framing it as a better fit for a residential development.

In a press release, JLL said it has been retained by ASG Equities, which is also owned by the Gindi family, “to explore opportunities, including potential joint venture partnerships or a sale, tied to an assemblage that includes a 64,468-square-foot lot and 186,071-square-foot commercial building.”

JLL also said the area could be among the first to make use of the new 485-x tax abatement and the City of Yes program.

George Karnoupakis, head of asset management at ASG Equities, said the massive space could potentially include both housing and retail.

“In light of the key acquisitions we have made within the assemblage, the State Legislature’s recent passage of the 485-x tax abatement and the likely approval of the Mayor’s City of Yes housing program, we now believe the highest and best use for our Bay Ridge properties involves a mix of much-needed affordable and market rate apartments, along with a host of new street-level retail,” Karnoupakis said. “We are working with JLL to explore all of our options for moving forward with a redevelopment, which could involve new joint venture partners or an outright sale to an experienced residential developer.”

Century 21, which opened on 86th Street in 1961, closed in December 2020 after the company filed for bankruptcy. Its downtown Manhattan location, across from the World Trade Center, reopened last year.