Century 21, the discount fashion department store, will reduce its footprint from 250,000 square feet to 100,000 square feet when it reopens in May 2023 after more than two years of closure due to the pandemic.
But ASG Equities, the real estate arm of the store's owners, the Gindi family, quickly set to work finding a new tenant and use for the remaining space on the important Broadway block, considered the gateway to the Wall Street district. Ta.
ASG owns the entire retail portion of the block bounded by Broadway Street and Church Street, Cortland Street and Day Street.
Last year, a joint venture between the Caille family and designer Roy Nacham created the Mercer Lab Museum of Art and Technology, an “immersive” exhibition space in 36,000 square feet on the west side of the block that was once home to a clothing store. . Men's suit department. It opened last winter and was well received.
Now, as the nascent retail leasing boom gathers momentum along Lower Broadway, ASG has acquired two previously unreported major retail tenants.
Sephora has signed a lease for a 5,000-square-foot store on Broadway, and the store, with 50 feet of sidewalk frontage, is scheduled to open this week.
In early 2025, Barcade, the nation's largest arcade bar operator, will open in 15,000 square feet at 10-12 Cortland Street. This will be the fourth barcade in Manhattan. Each store has video games and pinball machines “primarily from the classic 1980s era,” according to the website, as well as a bar serving draft beer, cocktails and pub fare.
George Karnoupakis, head of asset management at ASG Equities, said: It's a fun place that brings much-needed nightlife to the area. ”
Regarding Gindis' overall strategy, he said: “After closing Century in December 2020, we decided to revive Century in a smaller footprint and hand-pick other tenants on the block that feed into each other.”
“We have been very intentional about activating the streetscape with a combination of experiential products and traditional retail,” Karnupakis said.
What most people think of as the “Century 21 Block” is located between the World Trade Center on the west and the Fulton Transit Center on the east.
ASG had previously signed a small retail lease there as well, replacing stores that closed during the lockdown. Norma's Pizza replaces the former Majestic and “relocated Dunkin' Donuts to give it more square footage,” Karnoupakis said.
With Sephora and Barcade's leases signed, the only remaining retail space is a 1,000-square-foot corner of Broadway and Cortland Street.
Steven Soutendyk and Sean Moran of Cushman & Wakefield represented ASG in both transactions. Barcade was represented by Jason Pennington of RIPCO. Sephora was represented by Virginia Pittarelli and Mona's Christine Jorge.
Meanwhile, Brooks Brothers will soon open a nearly 10,000-square-foot flagship store at L&L Holdings Co.'s 195 Broadway, a block just south of Century 21. The store will join Anthropologie on the ground floor and part of the basement. The famous restaurant Nobu is located on the Fulton Street side.
Lower Broadway's biggest retail coup is, of course, the 60,000-square-foot Printemps coming to One Wall Street in the coming months, but the corridor also boasts Zara, Urban Outfitters, and Miniso USA.
The biggest names in New York City's real estate industry roamed the lively floor at the Fried Frank Real Estate Division's Holiday Party at Cipriani 42nd Street.
Jeff Sutton was all smiles at the sales of the $1.5 billion Fifth Avenue retail building. CBRE's Mary Ann Tye drew crowds to her recent claim that Manhattan is running out of prime office space. George and Marian Klein of Park Tower told host Jonathan Klein at a party two years ago when they signed a lease to move Fried Frank's conference center to 535 Madison Avenue. I reminisced with the mechanic.
Institutional celebrants included Michael Eggritt and Michael Lasher of Blackstone, Ben Brown of Brookfield, Andrew Jonas of Goldman Sachs, and Seth Weintrob of Morgan Stanley. Ta. Families mingling under the vaulted ceiling include Bill and son Michael Rudin, Abby Rosen and sons Gabby and Charlie, Scott and Jonathan Resnick, and proud hosts Mechanic's Sons, Meadow Partners and Ross Mechanic of Mayburn, a high-profile technology startup.
Also candidates for U.S. ambassador to France are Charles Kushner, Eli Gindi, Stephen B. Siegel, Mitch Konsker, Jon Cefaly, Darcy Stacomb, Brian Waterman, and Jimmy Kuhn. Attended.
