MCB Real Estate, Osiris to Undertake $100M Retail Redevelopment Project in Brooklyn

NEW YORK CITY — A joint venture between Baltimore-based MCB Real Estate and New York-based Osiris Ventures will undertake a $100 million retail redevelopment project in the Bay Ridge area of Brooklyn. The joint venture acquired the 14-lot assemblage at 458 86th St., which formerly housed a Century 21 department store that first opened in the 1960s, for $47.5 million. The redevelopment, which will be known as Century Marketplace, will involve reconstructing the multi-story structures facing 86th Street to create a two-story structure that aligns with the existing rear building on 87th Street. A new interior atrium fronting 86th Street will also be added, and the new development will ultimately feature 95,000 square feet of retail space with a grocery anchor. Ethan Stanton, Jeffrey Julien, Brendan Maddigan and Michael Mazzara of JLL represented the seller, ASG Equities, in the transaction. Construction is expected to begin before the end of the year.