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CB Real Estate and Osiris Ventures have formed a joint venture to transform the former Century 21 department store site in Bay Ridge, Brooklyn into a modern retail destination. The $100 million project, called Century Marketplace, will feature 95,000 square feet of retail space and a new grocery-anchored property.
The joint venture acquired the 14-lot assemblage at 458 86th St. for $47.5 million from ASG Equities, represented by JLL Capital Markets. The site has been vacant since the COVID-19 pandemic forced the closure of Century 21 in 2020.
Century Marketplace will feature a two-story structure with a new interior atrium and vibrant street-level retail that activates the 86th Street corridor. The project aims to attract a modern grocery store, essential services, and everyday amenities for local residents, as well as a national anchor tenant.
"The acquisition expands upon MCB's growing portfolio in Brooklyn," said P. David Bramble, co-founder and managing partner of MCB Real Estate. "Bay Ridge has a booming population but lacks quality retail options, which we are uniquely positioned to fill."
Southwest Brooklyn is primed for a transformative retail destination, with strong market fundamentals driving demand. The area has experienced a 5.7% increase in population since 2010 and rising household incomes.
"We have a strong pulse on the market, and with a powerful team, strong fundamentals, and community support, Century Marketplace is perfectly positioned to deliver a dynamic experience," said Rob Rizzi of Osiris Ventures.
Construction on Century Marketplace is slated to start this year. The project will be developed by MCB Real Estate and operated by Osiris Ventures.
JLL's Ethan Stanton noted that 86th Street has always been a cornerstone of southern Brooklyn retail, and the transaction reflects continued demand for well-located, high-foot-traffic assets.
The Century Marketplace redevelopment is expected to meet strong local demand in a market historically underserved by quality retail. The site draws over 3.2 million annual visitors, with foot traffic continuing to grow.
