realestate

Broadway Landmark Secured with High-Profile Retail Signings

ASG Equities, the Gindi family's real estate arm, quickly sought out new tenants for the vacant space.

C
entury 21, a discount fashion department store, reopened in May 2023 after over two years of pandemic closure, downsizing from 250,000 to 100,000 square feet. The real estate arm of its owners, ASG Equities, quickly found new tenants and uses for the remaining space on the vital Broadway block.

    ASG owns the entire retail portion of the block bounded by Broadway, Church Street, Cortlandt, and Dey streets. Last year, it brought the Mercer Labs Museum of Art & Technology to 36,000 square feet, an immersive exhibition space that opened to widespread acclaim.

    As a retail-leasing boom along lower Broadway gains momentum, ASG has secured two major new tenants: Sephora will open a 5,000-square-foot store on the Broadway side this week with 50 feet of sidewalk frontage. Barcade, the nation's largest arcade bar operator, is set to launch in early 2025 at 10-12 Cortlandt Street in 15,000 square feet.

    George Karnoupakis, head of asset management for ASG Equities, stated that Barcade will be a downtown flagship and bring much-needed nightlife to the area. The Gindi family's strategy is to curate other tenancies on the block that complement each other, activating the streetscape with experiential offerings and traditional retailers.

    The only retail space left on the block is the 1,000-square-foot corner of Broadway and Cortlandt Street. ASG was represented by Cushman & Wakefield in both transactions, while Barcade was represented by RIPCO and Sephora by Mona.

Iconic Broadway landmark with new retail tenants, sign visible in background.