Three JCPenney department stores in New York are part of a nearly $1 billion acquisition deal announced last month.
An affiliate of Boston-based private equity firm Onyx Partners, Ltd. has agreed to purchase 119 JCPenney stores nationwide for $947 million in cash, according to a July 25 press release by Copper Property CTL Pass Through Trust. The deal includes stores located in Brooklyn, Staten Island, and the Bronx, and is expected to close on September 8.
Which New York JCPenney stores were sold?
The three New York locations involved in the sale include:
- Gateway Shopping Center I & II – Brooklyn
- Staten Island Mall – Staten Island
- The Mall at Bay Plaza – The Bronx
Is JCPenney closing more stores?
At this time, it’s unclear whether the sold locations will remain open. The newly purchased stores are all currently operational, but no official statements have been made about their long-term future under the new ownership.
JCPenney has previously closed more than 200 stores since filing for bankruptcy in 2020, with seven additional closures announced in May 2025.
Background: JCPenney’s bankruptcy and property trust
The department store giant filed for bankruptcy in 2020, leading to the formation of Copper Property CTL Pass Through Trust, which took over about 160 stores and six distribution centers during the reorganization…