Off-price retailer Burlington has signed a lease for 44,070 square feet at Century Marketplace, a new retail development at 458 86th Street in Bay Ridge, Brooklyn. This was announced by developer MCB Real Estate on Tuesday. The project is located on a site between Fourth and Fifth Avenues, which is undergoing a USD 130 million mixed-use redevelopment. The aim is to convert the former Century 21 department store space, which consisted of 14 parcels, into a 95,000 square foot retail centre.
MCB, which began the redevelopment last year, also concluded a lease agreement with a grocery store for 16,042 square feet of retail space in the property, but did not provide further details about this tenant. These two leases mean that 65 percent of the complex's total area is let. The centre is scheduled to open in 2028.
Kayla Santosuosso, who represents the area on the City Council, issued a statement. She describes Century Marketplace as a major win for Bay Ridge, breathing new life into a long-vacant site and increasing foot traffic, which helps local small businesses to thrive. According to Santosuosso, the project contributes to making the neighbourhood safer, more affordable, and more vibrant by creating local jobs, supporting working families, and enlivening the streets.
MCB and urban retail specialist investment firm Osiris Ventures acquired the former Century 21 site in July 2025 for USD 47.5 million. The duration of the Burlington lease and the agreed rent were not disclosed. The average asking rent for retail space along 86th Street in Bay Ridge was USD 85 per square foot last year, according to the latest Brooklyn retail report from the Real Estate Board of New York. MCB did not name the brokers who represented the landlord and tenants.
Drew Gorman, a Principal at MCB, stated in a release that Century Marketplace demonstrates MCB Real Estate's ability to execute complex structures while bringing high-quality, attractive retail to densely populated markets. He emphasised that combining a nationally recognised specialty grocer anchor and top national retailers such as Burlington would revitalise a well-known commercial corridor and unlock long-term value for Southwest Brooklyn. Burlington already operates around 15 other branches in New York City.
