By: Andrew Carlson

After years of stalled redevelopment plans and community anticipation, one of Bay Ridge’s most recognizable properties — the former Century 21 department store — has officially been sold. As VIN News reported on Friday, the 95,000-square-foot site at 86th Street, long owned by the Jewish Gindi family, was purchased for $47.5 million by MBC Real Estate and Osiris Ventures.

The new owners have announced ambitious plans to invest $100 million into transforming the property into Century Marketplace, a state-of-the-art retail complex set to breathe new life into the heart of Brooklyn’s busiest shopping corridor.

According to the information provided in the VIN News report, the redevelopment plan calls for a newly constructed two-story building with an open atrium facing 86th Street, extensive interior modernization, and multiple street-level storefronts. Anchored by a major grocery store, the project will be designed to attract both local shoppers and visitors from surrounding neighborhoods.

The design is expected to integrate modern architectural elements with an open, inviting layout, ensuring that the block remains an accessible and attractive retail destination. In addition to the grocery anchor, developers are seeking a curated mix of vendors to enhance the area’s commercial diversity.

Council Member Justin Brannan, who has long championed revitalizing the property, told VIN News that “the importance of 86th Street as a retail shopping destination and hub of local employment simply cannot be overstated.” He noted that the arrival of Century Marketplace could provide a substantial boost to smaller businesses operating on nearby Third and Fifth Avenues, which have faced economic pressures in recent years.

Construction is scheduled to begin later this year, with vendor announcements to follow in the coming months.

For Bay Ridge residents — and indeed for shoppers across New York City — the Gindi family name is synonymous with the rise of one of the city’s most iconic retail brands. As the report at VIN News noted, the Gindis, a prominent Jewish family of Syrian heritage, have been a cornerstone of New York’s commercial life for over 60 years.

The family’s retail journey began in 1961, when they opened the first Century 21 department store right in Bay Ridge. From its earliest days, the store drew crowds with its unprecedented offering: high-end designer clothing and goods at deeply discounted prices. Word spread quickly, and Century 21 soon became a destination for both bargain hunters and fashion-conscious New Yorkers seeking luxury labels at accessible prices.

The Bay Ridge location was more than just a store — it was a commercial anchor for the neighborhood. Generations of families remember shopping its aisles, browsing racks of world-class brands, and experiencing the unique combination of quality and affordability that became the Gindi hallmark. The flagship store’s success laid the foundation for the Gindi family’s expansion, leading to new Century 21 locations throughout the New York metropolitan area and even beyond.

Perhaps the most vivid testament to the Gindi family’s resilience came in the aftermath of the September 11, 2001 terrorist attacks. The Century 21 store in Lower Manhattan, located just across from the World Trade Center site, was heavily damaged. Rather than shutter the location permanently, the family rebuilt and reopened it, making it a symbol of New York’s determination to recover.

As the VIN News report recalled, this decision cemented the Gindis’ reputation not only as shrewd retailers but as business owners deeply committed to the city and its people. Their willingness to reinvest in Lower Manhattan at a time of uncertainty earned them widespread admiration and further strengthened their standing in the community.

The COVID-19 pandemic brought unprecedented challenges to the retail sector, and Century 21 was not spared. In 2020, amid nationwide lockdowns, supply chain disruptions, and plummeting foot traffic, the company filed for bankruptcy. All locations were closed, marking the end of an era for loyal shoppers.

The Gindi family, however, retained ownership of key real estate holdings, including the Bay Ridge property through their real estate arm, ASG Equities. In 2023, the Century 21 brand staged a high-profile comeback, reopening its flagship in Manhattan to enthusiastic crowds. Yet, as the VIN News report pointed out, the Bay Ridge site remained vacant, its darkened windows a reminder of the pandemic’s toll.

Over the past four years, various redevelopment proposals for the property were floated but never realized. Ideas ranged from an “urban retail landscape” to a mixed-use residential complex. Each plan generated speculation and hope among residents eager to see the block restored to its former vitality.

When these efforts failed to advance, frustration mounted within the community. As one of the busiest retail corridors in Brooklyn, 86th Street suffered from the absence of a major anchor store. Local leaders repeatedly stressed that the property’s inactivity was more than just an eyesore — it was a missed economic opportunity.

The sale to MBC Real Estate and Osiris Ventures marks the first definitive step toward turning that frustration into progress.

While the sale represents the formal end of the Gindi family’s direct retail presence in Bay Ridge, their legacy will remain deeply entwined with the site’s next chapter. The decision to sell the property to developers committed to a large-scale retail project aligns with the Gindis’ long-standing vision of 86th Street as a vibrant commercial hub.

As VIN News reported, Century Marketplace is expected to be more than a shopping center; the developers aim to create an environment that draws steady foot traffic, stimulates local commerce, and reasserts Bay Ridge’s standing as a borough-wide retail destination.

The planned open atrium will serve as a focal point, connecting multiple storefronts and inviting passersby into the space. Modernized interiors and flexible floor plans will allow for a wide range of vendors — from national brands to local entrepreneurs. The inclusion of a large grocery store is intended to provide a stable anchor tenant, ensuring consistent visitor numbers throughout the week.

Beyond retail, the Gindi family has played a significant role in New York real estate and philanthropy. Through ASG Equities, they have invested in properties across the city, often focusing on revitalizing commercial areas while preserving their neighborhood character. Their business philosophy has combined forward-looking investment strategies with a commitment to community development.

According to the report at VIN News, the Gindis are also known for their charitable contributions within the Jewish community and beyond. They have supported educational initiatives, cultural institutions, and social service organizations, reflecting their belief in giving back to the city that supported their rise.

For longtime Bay Ridge residents, the sale of the Century 21 building is bittersweet. It signals the end of a direct link to the store that brought high fashion to 86th Street and helped define the neighborhood’s identity for decades. Yet it also opens the door to a revitalized commercial future.

The Gindi family’s role in shaping that future — even in transition — should not be underestimated. By ensuring that the property was passed to developers with the resources and vision to undertake a $100 million redevelopment, they have effectively set the stage for the block’s revival.

As the VIN News report has noted, the Gindis’ legacy in Bay Ridge is not confined to bricks and mortar. It resides in the memories of shoppers who lined up for opening-day sales, in the countless employees who found steady work in their stores, and in the enduring idea that great retail experiences can anchor and elevate entire neighborhoods.

Once construction begins later this year, Bay Ridge will enter a period of transformation. The unveiling of Century Marketplace — expected to feature a blend of flagship retailers, essential services, and specialty shops — could restore the area’s position as one of Brooklyn’s most dynamic shopping destinations.

While the name “Century 21” may no longer appear above the doors on 86th Street, the influence of the family who first transformed the site in 1961 will be embedded in its very foundation.

For over six decades, the Gindi family brought style, value, and community spirit to New York retail. Their stewardship of the Bay Ridge property, culminating in this landmark sale, ensures that their legacy will continue to shape the neighborhood’s commercial life for years to come.

As the VIN News report observed, this moment marks both the close of a remarkable chapter in Brooklyn’s retail history and the promising start of a new one — a testament to the vision, resilience, and enduring impact of the Gindi family.