ASG Equities Sells 423 88th Street in Bay Ridge for $28M

The Gindi family has offloaded another building that was tied to its Century 21 presence in Bay Ridge, Brooklyn, Commercial Observer has learned.

The Gindi’s ASG Equities sold the 188,975-square-foot commercial building at 423 88th Street to the Abed family for $28 million, two months after selling the nearby original Century 21 building in August, according to JLL.

A JLL capital markets team of Ethan Stanton, Jeffrey Julien, Brendan Maddigan and Michael Mazzara handled negotiations on behalf of ASG Equities, while Michael Feratovic of Specialized Realty Group represented the Abed family.

Feratovic and the Abed family could not be reached for comment.

The building features 123,729 square feet of parking across six stories with two roof decks, according to JLL, and sits between 88th and 87th streets and Fourth and Fifth avenues. There is also 62,792 square feet of office. 

The same JLL team was involved in the $47.5 million sale of 458 86th Street — the building that housed the very first Century 21 location back in the 1960s — to MCB Real Estate and Osiris Ventures, which is planning a $100 million redevelopment of the building.

The Century 21 store closed in 2020, during the pandemic, and the building has sat vacant for the last five years, with the Gindi family planning its own redevelopment of the property as far back as 2022 before deciding to sell.

Mark Hallum can be reached at mhallum@commercialobserver.com.