Baltimore’s MCB Real Estate enters joint venture to acquire NYC property

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MCB Real Estate, a Baltimore-based real estate developer, announced a joint venture with urban investment firm Osiris Ventures to acquire a $47.5 million, 14-lot assemblage in Brooklyn, New York.

Through the collaboration, MCB and Osiris Ventures will aim to transform 458 86th St., the site of the former Century 21 department store in the Bay Ridge section of Brooklyn, into what will be designated as “Century Marketplace.” 

According to a release, Century Marketplace will be a state-of-the-art, grocery-anchored property in Southwest Brooklyn’s primary retail corridor. Century 21 shuttered its doors in 2020 during the COVID-19 pandemic, leaving the property vacant over the past five years.

Renovation efforts will cost $100 million, and will thoroughly reconstruct the multi-story structures facing 86th Street into a two-story structure as a new interior atrium fronting 86th Street will be added. 

The property contains 95,000 square feet of retail space in a revitalization project designed to attract a grocery store, essential services and everyday amenities for local residents.

Last month, MCB was involved in a similar venture in which it partnered with Fetner Properties and Farallon Capital Management to acquire a $209.5 million residential building in Fort Greene, Brooklyn.  

“The acquisition expands upon MCB’s growing portfolio in Brooklyn, where we will apply our expertise in optimizing urban retail developments,” MCB managing partner David Bramble said.

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

The Century Marketplace redevelopment is slated to start construction this year, according to a release.