JLL Capital Markets is promoting a development opportunity in Bay Ridge, Brooklyn on behalf of ASG Equities, owned by the Gindi family. This site includes the former Century 21 store and could potentially benefit from New York State’s new 485-x tax abatement and the City of Yes program proposed by Mayor Adams. These initiatives would allow for additional affordable housing units to be added to developments.
The property at 458 86th St., formerly home to Century 21, offers approximately 200,000 square feet for a mixed-use development. Additionally, there is potential for commercial space and parking at nearby property located at41687th St., which spans six stories with over62,792 square feet of commercial space and123279 square feetofparking.
ASG’s head of asset management George Karnoupakis stated that they are open to considering new joint venture partners or selling outright to an experienced residential developer as part of this redevelopment opportunity.
Leading JLL’s marketing efforts are Ethan Stanton,Jefrey Julien,Micheal Mazzara,and Brendan Maddigan.The team will be discussing their insights on October1st during Connect Tri-State Multifamily event where industry experts will forecast what lies ahead in terms offuture growthand demandfor multifamily propertiesinthe region comparedto thenationas well asnewdevelopment opportunitiesandtransactional activity through2024 into2025.Don’t miss out on this important discussion!
