ASG Equities, the real estate family office of the Gindi family, has finalized lease agreements with global beauty giant Sephora and Barcade to occupy part of the Lower Manhattan retail block once fully occupied by Century 21, which was founded by the family.
Sephora will occupy a 5,000-square-foot space with 50 feet 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 Street, 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 square feet, with 45 feet of frontage.
After being forced to shutter at the height of the pandemic, the store reopened in a renovated space at 22 Cortlandt St. in 2023. ASG has since pursued a massive repositioning of the surrounding storefronts, cultivating a more diversified mix of uses. 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.
“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.”
Additionally, ASG secured Norm’s Pizza and Dunkin to occupy retail stores along Cortlandt Street. ASG is actively marketing the final piece of this Downtown retail portfolio: 173 Broadway, a 1,000-square-foot space with corner frontage along Broadway and Cortlandt Street, which will complete the 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.
