Gindis Offload Original Century 21 Home for $48M

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The Gindi family positioned themselves to redevelop the site of the one-time Century 21 flagship in Bay Ridge, only to recently trade the site.

The Gindis’ ASG Equities sold the property at 458 86th Street in Brooklyn to a joint venture of MCB Real Estate and Osiris Ventures for $47.5 million, the Commercial Observer reported. The sale ends a marketing process that’s unfolded over nearly a year.

The deal for the 95,000-square-foot retail hub penciled out to roughly $500 per square foot.

MCB and Osiris are planning to redevelop the site for a $100 million investment. A grocery-anchored retail development would take the place of the former Century 21 site, which has sat vacant for a half-decade since the onset of the pandemic.

A JLL Capital Markets team including Ethan Stanton, Jeffrey Julien and Brendan Maddigan arranged the sale. MCB and Osiris aim to start the redevelopment process by year’s end.

The Century 21 that stood in Bay Ridge dated back to the 1960s, but was facing the wrecking ball for years.

In 2022, ASG purchased a 12,500-square-foot lot at 472 86th Street for $12.5 million, capping an assemblage of all of the lots on the block. The firm planned to demolish the buildings in the assemblage and develop a retail complex expected to span 150,000 square feet.

Century 21 filed for bankruptcy protection in September 2020 and shut all of its stores. But ASG purchased the intellectual property of the brand out of bankruptcy for $9 million and reopened a smaller flagship store at 22 Cortland Street in the Financial District two years ago.

Last month, a joint venture of MCB Real Estate, Fetner Properties and Farallon Capital acquired a Fort Greene multifamily development at 240 Willoughby Street from the Rabsky Group for $209.5 million. Leasing was launched at the Brooklyn building around Memorial Day in anticipation of the acquisition.

Around the same time, Osiris and CIM Group bought 190 Berry Street in Williamsburg from LENY for $55.7 million out of bankruptcy. The mixed-use property includes a 40-unit apartment building and a retail component.

— Holden Walter-Warner