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.
Copper Property Trust confirmed in its July statement that the buyer had completed due diligence and that the deposit was non-refundable.
“Between $928 million and $932 million will go to JCPenney’s creditors,” said principal financial officer Larry Finger during a July 28 conference call.
How many JCPenney stores are still in New York?
Despite ongoing changes, JCPenney continues to operate 27 locations in New York. In addition to the three recently sold, here’s where the others are:
- Albany – 120 Washington Ave., Suite 40
- Amherst – 1303 Niagara Falls Blvd.
- Bay Shore – 1701 Sunrise Highway
- Blasdell – 6 McKinley Mall
- Cheektowaga – 3 Walden Galleria Drive
- Clifton Park – 22 Clifton Country Road, Suite 2
- Cortland – 854 State Route 13
- Elmhurst – 92-59 59th St.
- Garden City – 630 Old Country Road, Unit A2
- Greece – 231 Greece Ridge Center Drive
- Henrietta – 25 Miracle Mile Drive
- Horseheads – 330 Chambers Road, Suite 5090
- Johnson City – 601-635 Harry L. Drive, Suite 99
- Lakewood – 318 East Fairmount Ave.
- Massena – 6100 Saint Lawrence Center
- Middletown – 1 North Galleria Drive
- Olean – 400 North Union St.
- Oneonta – 5006 State Highway 23
- Plattsburgh – 60 Smithfield Blvd.
- Queensbury – 578 Aviation Road, Suite 3
- Saratoga Springs – 3065 Route 50
- Victor – 600 Eastview Mall
- Watertown – 21017 Salmon Run Mall, Loop E
- Williamsville – 4545 Transit Road
What happens next?
The sale is scheduled to finalize by September 8, after which ownership of the 119 stores, including the three New York locations, will transfer to the affiliate of Onyx Partners.
Whether these locations will remain open remains unknown, but industry analysts say any decisions will likely reflect broader retail trends and profitability of the stores under new ownership.
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