New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
JV Acquires Site of Bay Ridge Century 21 for Redevelopment
MCB Real Estate and Osiris Ventures completed 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 JV is set to transform the site into Century Marketplace, a grocery-anchored property in Southwest Brooklyn’s primary retail corridor.
A JLL Capital Markets team including Ethan Stanton, Jeffrey Julien, Brendan Maddigan and Michael Mazzara represented the seller, ASG Equities, the New York-based family office of the Gindi family. Dating from 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.
“Bay Ridge has a booming population but lacks quality retail options, a real estate gap MCB and Osiris are uniquely positioned to fill,” said P. David Bramble, co-founder and managing partner of MCB Real Estate. “Century Marketplace will meet that demand.”
The Century Marketplace redevelopment is slated to start construction this year.
- ◦Sale/Acquisition
- ◦Development
