A joint venture between MCB Real Estate and Osiris Ventures has taken over the site of the former century 21 department store in Brooklyn, NY from ASG shares. The partnership paid $ 47.5 million for the 14-Lot Assembly at 458 86th St. in Bay Ridge. JLL represented the seller.
The joint venture is planning to invest $ 100 million in the redevelopment of the building in Century Marketplace, a 95,000 square feet, supermarket-worshiped store. Plans require the full reconstruction of the multi-floating structures that confronted 86th Street in a two-storey building, as well as the addition of a new interior atrium. The project is planned to break the land next year.
Investors are increasingly being attracted to supermarket-worshiped shopping centers, because such property is “high-quality investments with a low risk,” said MCB director Drew Gorman Director of Commercial Real Estate Earlier this year. These properties saw an increase in demand in 2024, with $ 7 billion in transactions and record -high prices per square foot.
A Bay Ridge Retail Center
The Bay Ridge site was completed in 1961 and served as the original location for a Century 21 department store, which later expanded in New York City. The store closed in 2020 because of the pandemic and has since remained empty. Prior to the shuttering, the property attracted more than 4 million visitors in the course of 2018.
The active is part of a retail corridor where vacancies on average 5 percent. Sephora, Foot Locker, GAP, Planet Fitness, Banana Republic, Snipes, Aldo and Victoria’s Secret belong to the retailers of the area.
The building is close to the 86th Street Subway station and three blocks from Interstate 278. Downtown Brooklyn is about 10 miles northeast.
JLL Senior Managing Directors Ethan Stanton, Jeffrey Julien and Brendan Maddigan, together with director Michael Mazzara, arranged the sale.
In the first seven months of the year, Brooklyn saw $ 175.8 million in the sale of retail investments, with five properties that, according to Yardi research data, traded an average price per square base of $ 698. The figure is considerably lower than it registered in the first seven months of 2024, when four properties of hand changed for an average $ 2,922 per square foot.
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