The Bay Ridge building that once housed the Century 21 department store has finally been sold after years of uncertainty and shifting plans.
The $47.5 million property at the corner of 86th Street has been jointly acquired by MBC Real Estate and Osiris Ventures. According to Commercial Observer, the site will be redeveloped into “Century Marketplace,” a multi-retail space that aims to reinvigorate the once-bustling commercial corridor.
The $100 million project aims to transform the former department store site into a 95,000-square-foot retail complex anchored by a grocery store. The redevelopment will also feature a newly constructed two-story building with an interior atrium facing 86th Street, along with vibrant street-level retail spaces, according to reports.
The sale likely marks the end of a five-year saga to find a buyer.
Century 21 was founded in Bay Ridge in 1961 but filed for bankruptcy in 2020 due to the impacts of COVID-19, closing all its stores. The closure was a significant loss for the neighborhood, where the store and the Gindi family had long been a local mainstay.
In 2023, Century 21 reopened its downtown Manhattan location, which had survived the 9/11 attacks.
That July, ASG Equities — the real estate firm tied to the Gindi family, who originally opened the 86th Street Century 21 in 1961 — announced a plan to transform the site into an “urban retail landscape.” At the time, it was hailed as “the first major steps toward the revitalization of Bay Ridge.”
But by September 2024, those plans were scrapped in favor of a potential residential development, further fueling confusion and frustration among residents.
Years of proposed projects — none of which materialized — left many in the neighborhood feeling discouraged. As previously reported, some Bay Ridge residents expressed “deep frustration” with the repeated starts and stops.
Council Member Justin Brannan, who represents Bay Ridge and has long supported the sale of the former Century 21 site, welcomed the new ownership.
“The importance of 86th Street as a retail shopping destination and hub of local employment simply cannot be overstated,” Brannan told Brooklyn Paper. “The vibrancy of this corridor is absolutely crucial to our local economic ecosystem.”
“The goal has always been to bring 86th Street back bigger and better than ever, and I have been working non-stop to make that a reality,” he continued. “Now we finally have a new, motivated team who actually cares about the neighborhood, and we are closer than ever to crossing the finish line.”
Brannan also emphasized the critical role 86th Street plays in the neighborhood’s economy.
“The busier 86th Street is, the better our smaller independent mom & pop shops and restaurants along 3rd and 5th Avenues will do!” he wrote on Facebook.
Vendors and retailers are expected to be announced in the coming months, with construction anticipated to begin later this year.
