Site of Former Century 21 in Bay Ridge Trades for $47.5M
The joint venture of MCB Real Estate and Osiris Ventures has purchased the site of the former Century 21 (C21) department store in Bay Ridge Brooklyn for $47.5 million that is located between 4th and 5th Avenues with frontage along 86th and 87th Streets. The seller was ESG Equities, the real estate arm of the Gindi Family, which had initially planned to redevelop the 14-parcel, roughly 64,500-square-foot assemblage going by the address 458 86th Street where the original C21 store was constructed in 1961 before expanding across New York City. However, redevelopment plans never moved forward following the 2020 closure of the store, subsequently introducing the sale offering last year. New ownership plans to “transform the site into Century Marketplace, a premier, state-of-the-art grocery -anchored property” according to MCB’s press release. As part of the $100 million renovation, the multi-story structures fronting 86th Street will be completely reconstructed to “create a two-story structure that aligns with the existing rear building on 87th Street,” with a new interior atrium added that will front 86th Street, delivering 95,000 square feet of retail space offering 200-feet of frontage. Located one block from the R-train, the project is designed to attract a “grocery store, essential services and everyday amenities for local residents along with a national anchor tenant.”