MCB Real Estate and Osiris Ventures Acquire $47.5M Site in Bay Ridge, Brooklyn

New joint venture to transform former Century 21 into a 95,000-square-foot, $100M modern retail destination

MCB Real Estate, an investment firm and developer with nationwide holdings and Osiris Ventures, an urban retail focused investment firm, announce a joint venture acquisition of the $47.5 million, 14-lot assemblage of 458 86th St., the site of the former Century 21 department store in Bay Ridge, Brooklyn. The joint venture is set to transform the site into Century Marketplace, a premier, state-of-the-art grocery-anchored property in Southwest Brooklyn’s primary retail corridor.

JLL Capital Markets represented the seller, ASG Equities, the New York-based family office of the Gindi family. Originally constructed in 1961, the property served as the original location for the Century 21 Department Store chain, which later expanded across New York City. The Bay Ridge location closed in 2020 during the COVID-19 pandemic and has remained vacant for the past five years.

The $100 million renovation will completely reconstruct the multi-story structures facing 86th Street to create a two-story structure that aligns with the existing rear building on 87th Street. A new interior atrium fronting 86th Street will also be added. With 200 feet of prime frontage and 95,000 square feet of retail space, the project is designed to attract a modern grocery store, essential services, and everyday amenities for local residents, along with a national anchor tenant to enhance the neighborhood’s shopping options. Vibrant street-level retail will activate the 86th Street corridor, just one block from the R line of the NYC transit system. This revitalization responds to strong local demand in a market historically underserved by quality retail, with foot traffic already exceeding 3.2 million annual visitors and continuing to grow.

“The acquisition expands upon MCB’s growing portfolio in Brooklyn, where we will apply our expertise in optimizing urban retail developments. Bay Ridge has a booming population but lacks quality retail options, a real estate gap MCB and Osiris are uniquely positioned to fill. Century Marketplace will meet that demand and awaken a long-dormant property in the heart of the neighborhood,” said P. David Bramble, co-founder and managing partner of MCB Real Estate.

Southwest Brooklyn is primed for a transformative retail destination, with strong market fundamentals driving demand. Since 2010, the area has experienced a 5.7% increase in population, outpacing the broader New York City market, alongside rising household incomes and limited access to quality retail. In 2018, the site drew over 4 million annual visitors prior to the closure of Century 21, highlighting the property’s potential to once again become a community hub. Duane Reade, a well-known regional pharmacy, is also a tenant.

“We have a strong pulse on the market, and with a powerful team, strong fundamentals, and strong community support, Century Marketplace is perfectly positioned to deliver a dynamic, street-level experience in a corridor with less than 5% vacancy and a strong stable of national retailers like Sephora, Foot Locker, Gap, Planet Fitness, Banana Republic, Snipes, Aldo, and Victoria’s Secret,” said Rob Rizzi of Osiris Ventures.

A JLL team including Ethan Stanton, Jeffrey Julien, Brendan Maddigan, and Michael Mazzara arranged the transaction.

Said Stanton, “86th Street has always been a cornerstone of southern Brooklyn retail, and this transaction reflects the continued demand for well-located, high-foot-traffic assets. We’ve handled some of the borough’s most significant retail deals, and this one has the potential to truly redefine the corridor.”

The Century Marketplace redevelopment is slated to start construction this year.