Massive Retail Shakeup Hits Three Busy New York Locations

Three major retail stores in New York were just sold to a Boston firm in a $947 million deal. New Yorkers are worried about what comes next.

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Boston Business Purchases 3 New York JCPenney Stores

JCPenney just sold three New York stores to a Boston business.

An affiliate of Boston-based private equity firm Onyx Partners just purchased 119 JCPenney stores nationwide for $947 million in cash.

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According to Copper Property CTL Pass Through Trust, the sale will officially close next month, on September 8.

Three New York Locations Part Of The Sale

Three New York locations are part of the sale:

• Gateway Shopping Center: Brooklyn, New York

• Staten Island Mall: Staten Island, New York

• The Mall at Bay Plaza: The Bronx, New York

Four stores in New Jersey, in Rockaway, Woodbridge, Jersey City, and Freehold, are also part of the sale.

Future Unclear For New York Stores

JCPenney closed several locations in May.

All 119 stores are currently open. But as of this writing, it's unclear what the future holds for each location once the sale is final.

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USA Today reports the buyer, Onyx Partners, has not commented on the future for the 119 stores.

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