**MCB Real Estate and Osiris Ventures Acquire Former Century 21 Site in Bay Ridge for $47.5M Redevelopment**
MCB Real Estate and Osiris Ventures have finalized a joint venture acquisition of the former Century 21 department store site in Bay Ridge, Brooklyn, for $47.5 million. The 14-lot assemblage, located at 458 86th Street, is set to be redeveloped into Century Marketplace, a grocery-anchored retail property in Southwest Brooklyn’s main shopping corridor.
The deal was brokered by a JLL Capital Markets team composed of Ethan Stanton, Jeffrey Julien, Brendan Maddigan, and Michael Mazzara. The seller, ASG Equities, is a New York-based family office affiliated with the Gindi family.
Originally constructed in 1961, the site was home to the first Century 21 Department Store, which grew into a well-known retail chain throughout New York City. The Bay Ridge store closed in 2020 as a result of the COVID-19 pandemic and has remained vacant since.
“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.”
Construction on Century Marketplace is scheduled to begin later this year.
