Demolition to begin on former Century 21 site by year’s end, new retailers to be announced shortly after

MCB said they expect to begin announcing retailers early next year, with additional store announcements rolling out throughout the year

After years of waiting, construction will soon begin at the former site of Century 21 Department Store in Bay Ridge.

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

A spokesperson for MCB told this paper the existing site will undergo a partial demolition before redevelopment begins, with work scheduled to start in the fourth quarter of the year.

They also discussed plans for the space.

“The project will be anchored by a full-service grocer, ensuring the community has convenient access to fresh food and everyday essentials,” the spokesperson said. “Surrounding the grocery anchor, the development will feature a curated mix of fashion retailers and service-oriented businesses ranging from health, wellness, and beauty to neighborhood conveniences.”

According to its site, MCB Real Estate is an institutional investment management firm with a portfolio of operating assets and development projects.  They invest in industrial, office, retail, multifamily, mixed-use properties and select special-use assets.

They added that the Bay Ridge location is special because “it offers a rare opportunity to bring new energy to one of Brooklyn’s most established neighborhoods.”

“Situated directly along the bustling 86th Street retail corridor, the project benefits from one of the borough’s most active shopping destinations, already home to a wide range of national brands and local favorites,” the spokesperson said. “This corridor draws consistent foot traffic from both Bay Ridge residents and visitors from across Brooklyn, making it an ideal place to shop, dine, and gather. 

“With excellent visibility, transit access, and strong neighborhood demographics, the site is well positioned to complement the existing retail fabric by introducing a grocer anchor alongside fashion and service tenants—further enhancing 86th Street as a vibrant, dynamic destination for everyday shopping.”

As for specific storefronts, MCB said they expect to begin announcing retailers early next year, with additional store announcements rolling out throughout the year.

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.