Demolition of the long-vacant Century 21 site on 86th Street is set to begin in November, clearing the way for a $47.5 million redevelopment into a two-story retail complex called Century Marketplace, the property’s new owners confirmed to Brooklyn Paper.
MCB Real Estate and Osiris Ventures, which purchased the property in July, expect construction to start in the first half of 2026, said Amy Bonitz, managing director of community development at MCB. The first stores are projected to open in 2027.
“Acquiring the property this July was a major milestone,” Bonitz said in a statement to Brooklyn Paper. “We wouldn’t have moved forward with the acquisition unless we were fully confident in our ability to execute our business plan for this important site.”
Plans call for “new retail and food spaces designed for smaller tenants, bringing energy and variety that complements existing neighbors like Banana Republic, Sephora, Victoria’s Secret and Pandora,” Bonitz said.
Larger anchor tenants are expected to occupy the 87th Street side and the second floor, which will be accessible through a “new central atrium featuring a main entrance on 86th Street,” she said.
Bonitz said developers are also working to bring a “national grocer to the tenant mix,” something local residents have long called for.
The announcement follows several failed proposals for the property since Century 21 closed in 2020, including plans for an “urban retail landscape” and later a residential center, both of which were abandoned.
Responding to residents’ frustration over repeated delays, Bonitz said the team “is committed to seeing the Century Marketplace through to completion.”
