JLL Capital Markets announced it has been retained by ASG Equities 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 in Bay Ridge, Brooklyn. The site could be among the first to make use of the new 485-x tax abatement and the City of Yes program.
With its large footprint and prime visibility, the site is well-positioned to help address the acute need for additional multifamily housing in the Bay Ridge submarket. Located in the heart of Bay Ridge’s vibrant retail corridor, the future development of this property could be the anchor in one of the borough’s most sought-after retail strips.
416 87th St. offers 62,792 square feet of commercial space and 123,279 square feet of fully operating parking across six stories. This property’s substantial commercial area and extensive parking facilities provide versatility for various business operations.
“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 that will attract residents and visitors from across the borough and beyond for decades to come,” said George Karnoupakis, Head of Asset Management, ASG Equities. “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. 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.”
The JLL Capital Markets team leading the marketing of the properties includes Ethan Stanton, Jeffrey Julien, Michael Mazzara and Brendan Maddigan.
If approved, City of Yes would allow buildings to add at least 20% more housing if the additional homes are affordable to households earning 60% of the Area Median Income. Height allowances and parking waivers are also set to be approved through the City of Yes plan, decreasing development costs and improving the overall efficiency of new developments.
JLL is a leader in the New York tri-state commercial real estate market, with more than 2,600 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services.
ASG Equities (ASG), headquartered in New York, is the real estate family office of the Gindi Family, comprised of a dedicated team of experienced professional with over 50 years of global real estate experience. The Gindis are known for founding the iconic destination, Century 21 Stores NYC in 1961, and continue to actively own a 6.5 million-square-foot global real estate portfolio. ASG concentrates predominately on core and value add properties across multiple asset classes including retail, industrial, office, multifamily, student housing, and hospitality. ASG also actively invests with managers into equities, credit, private equity, venture capital, oil and gas and various other alternative investments. ASG has stakes in various operating businesses and, in 2024 through a joint venture, launched Mercer Labs, Museum of Art and Technology at 21 Dey Street one of ASG’s real estate holdings.
