Fri Sep 20 13:44:25 UTC 2024: ## Gindi Family Scraps Retail Plans for Bay Ridge Site, Seeking Housing Developer
The Gindi family, owners of the former Century 21 department store in Bay Ridge, have abandoned plans for a “vibrant shopping plaza” on the site, instead opting to sell to a developer focused on residential construction. The decision comes as the family seeks to capitalize on the growing demand for multifamily housing in the area.
The nearly 200,000-square-foot site, which includes the former department store and several adjacent buildings, has been listed for sale by JLL Capital Markets. The company cites the site’s proximity to the 86th Street subway station and the lack of high-quality multifamily housing in the neighborhood as key factors driving the potential for residential development.
This shift in plans reflects the ongoing changes in the real estate market, particularly in the wake of the new 485-x tax exemption program and the city’s “City of Yes” proposal, both of which aim to encourage affordable housing development.
“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,” said George Karnoupakis, head of asset management for ASG Equities, the Gindi Family’s real estate company. He added that the family is exploring options for “a redevelopment, which could involve new joint venture partners or an outright sale to an experienced residential developer.”
Council Member Justin Brannan, who had worked with the Gindi family on the initial retail plan, expressed disappointment but ultimately welcomed the shift, stating that he believes a housing developer would be better equipped to fill the empty storefronts and contribute to the neighborhood’s retail corridor.
The decision marks a significant change for the Bay Ridge community, where Century 21 had been a mainstay for over six decades. The department store closed its doors in 2020 after filing for bankruptcy, leaving a void in the neighborhood’s retail landscape. The Gindi family’s decision to pursue housing development instead of their previously announced “urban retail landscape” now sets the stage for a new chapter in the neighborhood’s future.
First Piper 