MCB Real Estate and Osiris Ventures have advanced leasing at Century Marketplace, the mixed-use redevelopment of the former Century 21 department store assemblage at 458 86th St. in Brooklyn’s Bay Ridge neighborhood. The institutional investment manager and the urban retail-focused investment firm have secured commitments from two national retailers, marking a notable step in repositioning the 14-lot site.
A national grocery chain has signed a lease to anchor the project, becoming the first national grocer to directly serve the immediate Southwest Brooklyn trade area, according to the firms. The grocer will be joined by national designer-discount retailer Burlington, which has also executed a lease at the property. Together, the two new leases represent a combined 60,112 square feet of space at the project.
Century Marketplace is being repositioned as a $130-million mixed-use asset with a total of 120,000 square feet. With the addition of the grocery anchor and Burlington, the property is now reported to be 65% pre-leased. The new commitments help establish a tenant lineup anchored by national brands at a site that previously operated as a large-format department store complex.
Drew Gorman, principal at MCB Real Estate, said the project underscores the firm’s capacity to address complex deal structures while delivering retail suited to high-density locations. He noted that securing a nationally recognized specialty grocery anchor alongside a major off-price retailer is intended to re-energize an established commercial corridor in Southwest Brooklyn.
Project stakeholders describe the leasing progress as a catalyst for reintroducing the corridor to national retailers and consumers, positioning Century Marketplace as a new focal point for shopping in Bay Ridge. As pre-leasing continues, the development is expected to further clarify its merchandising mix around the newly secured anchors, while building on the corridor’s existing retail base.
