MCB Real Estate and Osiris Ventures on Monday announced their joint acquisition of 458 86th St. in Bay Ridge, the former home of the Century 21 department store.
The $47.5 million deal includes a 14-lot assemblage and will pave the way for Century Marketplace, a state-of-the-art grocery-anchored retail development.
"The acquisition expands upon MCB's growing portfolio in Brooklyn, where we will apply our expertise in optimizing urban retail developments," said P. David Bramble, co-founder and managing partner of MCB Real Estate. "Bay Ridge has a booming population but lacks quality retail options...Century Marketplace will meet that demand and awaken a long-dormant property in the heart of the neighborhood."
Originally built in 1961, the property served as a Brooklyn location for the Century 21 chain, which once stretched across New York City. The Bay Ridge location shuttered in 2020 amid the COVID-19 pandemic and has sat vacant for the past five years.
The upcoming $100 million redevelopment will completely overhaul the site. Plans include replacing the existing multi-story buildings along 86th Street with a new two-story structure that connects with the rear building on 87th Street. A new atrium will open onto 86th Street, and the project will deliver 95,000-square-feet of retail space.
"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," said Rob Rizzi of Osiris Ventures.
Construction is expected to begin later this year.
