A look at the timeline of plans for the former Bay Ridge Century 21 site

Finding a replacement for the space has been a long process with many proposals 

BAY RIDGE – For years, many Bay Ridge residents have been waiting for news on what would become of the massive vacant space that used to be home to the former department store Century 21.

It was announced earlier this month that MCB Real Estate and Osiris Ventures made a joint acquisition of the space.

“The acquisition expands upon MCB’s growing portfolio in Brooklyn, where we will apply our expertise in optimizing urban retail developments,” said P. David Bramble, co-founder and managing partner of MCB Real Estate.

Before the sale, there had been several plans and proposals for the former store.

Owners of the department store, the Gindi family, filed for bankruptcy Sept. 2020 and announced closures of its 13 stores, including its Bay Ridge location. The retail chain had been a mainstay of the 86th Street shopping strip since 1961. Despite efforts by elected officials to keep the store open, it officially closed Dec. 2020.

In Feb. 2021, Century 21 Department Stores announced a comeback to the New York metro area, although it gave no concrete details on whether this comeback would include a brick-and-mortar location.

The announcement left some wondering if the store would reopen in Bay Ridge.

“We do not yet know if and when we will reopen a brick-and-mortar location in New York or the tri-state area,” said Century 21 Stores President Marc Benitez in a statement to the Eagle at the time.

“That being said, Century 21 remains a beacon of hope for retailers and New Yorkers alike, as perseverance is in our DNA. We love New York and Brooklyn and have received an outpouring of support from fans across the Manhattan area, which has not gone unnoticed. We hope to be able to serve those loyal fans soon,” he said.

Eventually, in May 2023, its Manhattan flagship store at 22 Cortlandt St. reopened.

In Jan. 2022, RIPCO Real Estate, an independent retail brokerage in New York City, was tapped by ASG Equities to handle the leasing and marketing of its Bay Ridge portfolio, which included the site of the former department store as well as two other buildings, one of which housed the former TJ Maxx store. 

“The street has always been a great one,” said RIPCO Real Estate Vice Chairperson and Principal Gene Spiegelman in 2022 of the space. “It will always be a great street, and out of the ashes, something great is going to rise. It’s going to be fresh, new, modern retailing to replace what Century 21 was bringing to the community.”

A big breakthrough came in summer 2023 when it was reported that the site would be converted into a retail hub. ASG Equities planned to revamp 150,000 square feet of commercial space across 15 buildings on 86th and 87th streets and repurpose more than 700 feet of retail storefronts, with the possibility of opening late 2024.

However, in Sept. 2024, Crain’s reported the Gindi family put the property up for sale and real estate company JLL Capital Markets framed it as a better fit for a residential development.

In a press release, JLL said it has been retained by ASG Equities, which is also owned by the Gindi family, “to explore opportunities, including potential joint venture partnerships or a sale, tied to an assemblage that includes a 64,468-square-foot lot and 186,071-square-foot commercial building.”

JLL also said the area could be among the first to make use of the new 485-x tax abatement and the City of Yes program.

Finally, on Aug. 4, the Commercial Observer reported that space was sold for $47.5 million with MCB Real Estate and Osiris Ventures looking to redevelop the space for $100 million, and calling it the Century Marketplace.

“Bay Ridge has a booming population but lacks quality retail options, a real estate gap MCB and Osiris are uniquely positioned to fill,” Bramble said. “Century Marketplace will meet that demand and awaken a long-dormant property in the heart of the neighborhood.”

The outlet also said there are plans to begin development on the 95,000-square-foot retail center later this year.

Bay Ridge residents hope that this is the final move that can bring much-needed retail to the area.

“I used to love walking to 86th Street and shopping,” said Bay Ridge resident Anna Lisa D. “But now, it’s empty and depressing. There’s really nowhere to shop other than the Gap Outlet. It used to be a fun place to go. Now, there’s no real reason for me to go to the area other than for dining.”