ASG Equities achieves two milestones in redevelopment of Lower Manhattan retail block

Manhattan, NY ASG Equities, the real estate family office of the Gindi family, have made two advancements in its reimagination of the Lower Manhattan retail block once fully occupied by Century 21, the institution that the Gindi family founded and continues to own and operate.

After being forced to shutter at the height of the pandemic, the Gindi family brought back Century 21 within a renovated space at 22 Cortlandt St. in 2023 and have since pursued a massive repositioning of the surrounding storefronts, transforming the block bounded by the World Trade Center to the west and Broadway to the east, as well as by Dey St. to the north and Cortlandt St. to the south, into a hub of culture and commerce.

ASG Equities has intentionally revitalized the stretch by cultivating a more diversified mix of uses to create a Lower Manhattan destination that will attract people beyond the traditional workday.  In February, ASG formed a joint venture with the Cayre Family and Roy Nachum to bring Mercer Labs Museum of Art and Technology to the space that was once Century 21’s men’s suit department.  This celebrated addition to Downtown, which redefines the museum experience through experimental exhibits, interactive experiences, unique listening encounters and immersive installations, has produced a new cultural destination for the neighborhood.

ASG has since finalized lease agreements with Sephora and Barcade, both of which will open in the coming months at two prime locations on the historic block.  Barcade will operate out of what used to be Century 21’s men’s shoe section while Sephora will occupy Century 21’s former women’s shoe department.

“From resurrecting Century 21 to launching Mercer Labs, we have been very intentional in activating the streetscape with a blend of experiential offerings and traditional retailers to create a vibrant destination for Lower Manhattan’s residents, workers and visitors,” said George Karnoupakis, Head of Asset Management, ASG Equities  “This corridor has long been a cornerstone of the Downtown experience, and we are proud to usher in its next chapter with an exciting and eclectic lineup of retailers.”

Global beauty retailer Sephora returns to Broadway when it opens in December within a 5,000 s/f space with 50 ft. of frontage at 175-177 Broadway, just steps from Century 21.

Barcade, the largest operator of arcade bars in the United States, is creating its new flagship location at ASG’s 10-12 Cortlandt St., bringing exciting nightlife to the corridor.  Opening in early 2025, Barcade will offer classic video games, pinball machines and a full bar with craft spirits, cocktails and creative variations of classic pub food.  Barcade will encompass over 15,000 s/f, with 45 ft. of frontage. 

Additionally, ASG secured Norm’s Pizza and Dunkin to occupy retail stores along Cortlandt Str.  ASG is actively marketing the final piece of this Downtown retail portfolio: 173 Broadway, a premier 1,000 s/f space with corner frontage along Broadway and Cortlandt St., which will complete the dramatic repositioning. 

ASG Equities was represented by Steven Soutendijk and Sean Moran of Cushman & Wakefield in both transactions.  Barcade was represented by Jason Pennington of RIPCO.  Sephora was represented by Virginia Pittarelli and Christine Jorge of Mona.