After years of wasted potential, a 14-lot Bay Ridge assemblage is moving forward with a $130M redevelopment after its new ownership secured two retail anchors and $76.7M in construction financing.
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The 120K SF project by MCB Real Estate and Osiris Ventures is dubbed Century Marketplace, named after the inaugural Century 21, which opened at 472 86th St. in 1961. The department store filed for bankruptcy in 2020, shuttering all of its locations.
ASG Equities, run by the Gindi family, pitched several redevelopment plans for the site, which were hailed for the potential to revitalize the Brooklyn neighborhood but never came to fruition. MCB and Osiris purchased the property for $47.5M last year.
The developers have now inked a 44K SF lease with Burlington and a 16K SF lease with a national grocer, bringing the development to 65% preleased. A spokesperson for the project declined to name the supermarket chain, but a press release says the company will be the “first national grocer to serve the immediate Southwest Brooklyn trade area.”
As part of the release, MCB and Osiris announced that Truist provided the construction financing for the project. The deal was led by Truist Senior Vice President Spencer Perry.
"Century Marketplace is a huge win for Bay Ridge, breathing new life into a long-vacant site and boosting the foot traffic that keeps local small businesses thriving,” Council Member Kayla Santosuosso, representing the 47th District, said in a statement.
TOP SALES
Gary Barnett has bought another lot for his Midtown assemblage. Parkoff Organization sold 110 E. 55th St. to Extell Development for $65M, according to property records filed with the city. The 19-story building is adjacent to 405-417 Park Ave., which Barnett bought in May. The assemblage also includes air rights from the Central Synagogue and an office building on East 56th Street, two blocks away. Barnett might not be done — he is rumored to be looking at adding 111 E. 54th St., home to the private club The Brook, according to The Real Deal.
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Joel Wiener’s Pinnacle Group offloaded more than $200M of assets, putting an end to a quiet period following the bankruptcy of a 5,200-unit citywide portfolio of rent-stabilized apartments. Pinnacle dumped nearly 750 unsold residential condo units for a combined $128M. Bronstein Properties is listed as the buyer in property records but told The Real Deal that it will be acting as the property manager. PincusCo reported that Tremada Holdings, an affiliate of UK-based William Pears Group, is the true buyer. It also sold the Upper West Side apartment building at 323 W. 96th St. for $88M to Lightstone Group, TRD reported. Eastdil Secured brokered that sale.
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The Geneva School of Manhattan acquired 150 W. 85th St. for $33.2M, according to property records. The campus belonged to the Manhattan Country School before it filed for Chapter 11 bankruptcy in May 2025. Earlier this year, the Geneva School, a private Christian academy, made a $20M bid for the property, Upper East Side publication Our Town previously reported. Proceeds from the sale will be used to pay creditors, including Fulton Bank, which Manhattan Country School owed $28M, Crain's New York Business reported.
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Meadow Partners officially closed on its $310M purchase of 10 E. 53rd St from SL Green Realty. Corebridge Financial helped finance the purchase with a $155M acquisition loan, according to property records. SL Green announced the sale in June, saying the transaction would generate an estimated $100M, which would be used to repay corporate debt.
TOP FINANCING
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Fortress Investment Group provided Sentry Realty and 60 Guilders with a $238.5M acquisition loan for 1441 Broadway, a Garment District office building. The duo purchased the property from L.H. Charney Estate on July 28, PincusCo reported.
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Rockrose Development landed a $115M loan to refinance its residential tower at 43-14 Queens St., PincusCo reported. Wells Fargo provided the debt for the 300-unit second phase of the Eagle Lofts Long Island City development. The financing replaces a $105M construction loan provided by Wells Fargo in 2024.
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Atlanta-based Diamond National Investments refinanced its 188-unit residential building in Rockaway Park with a $70.5M mortgage from Minneapolis-based lender Castlelake, PincusCo reported. The debt replaces a $59.5M loan from Popular Bank. The property is at 157 Beach 115th St., about a block away from the water.
TOP LEASES
Corpay Cross-Border Solutions, a financial services company specializing in foreign exchange and global payments, inked an 11-year office lease at Rudin’s 560 Lexington Ave. The firm will occupy nearly 18K SF of prebuilt space spanning the entire 17th floor of the 380K SF building. Including this deal, Rudin has signed more than 90K SF of leases in the building with tenants including Marex, SummitTX, Dynasty Equity and Ally Bridge Group, according to a press release.
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PMG Worldwide has decided to stay put at TF Cornerstone’s 387 Park Ave. S., renewing and expanding its lease, according to the landlord. The transaction brings the marketing company’s footprint to roughly 39K SF in the NoMad office building. The deal includes renovations on the second floor and a full rebuild of the third floor. Additionally, TFC announced that Hanover Park signed a lease for the building's entire 10th floor, totaling approximately 19K SF.
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Rockefeller Center added Madewell as a tenant, according to Tishman Speyer. The new store will occupy approximately 7K SF at 1 Rockefeller Plaza. It is slated to open in 2027.
