Burlington Takes 44K SF at Bay Ridge Retail Center Development

Off-price retailer Burlington has inked a 44,070-square-foot retail lease at Century Marketplace, a new retail development coming to 458 86th Street in Bay Ridge, Brooklyn, developer MCB Real Estate announced Tuesday.

The site between Fourth and Fifth avenues is undergoing a $130 million mixed-use redevelopment to turn the former 14-lot Century 21 department store assemblage into a 95,000-square-foot retail center. 

MCB, which began the redevelopment last year, also signed a grocery store to 16,042 square feet of retail space at the property, but would not provide further details. The two leases bring the assemblage to 65 percent leased. The center is expected to open in 2028.

“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,” Kayla Santosuosso, who represents the area on the City Council, said in a statement. “By creating local jobs, supporting working families and energizing our streets, this project builds on our promise to make our neighborhood a safer, more affordable and lively place to live.”

MCB and urban retail investment firm Osiris Ventures acquired the old Century 21 site in July 2025 for $47.5 million.

The length of the Burlington lease and the asking rent were not disclosed. The average asking rent for retail space along 86th Street in Bay Ridge was $85 per square foot last year, according to the most recent Brooklyn retail report from the Real Estate Board of New York. 

MCB did not disclose the names of the brokers who represented the landlord and the tenant. 

“Century Marketplace demonstrates MCB Real Estate’s ability to execute complex structuring while delivering high-quality, attractive retail to dense markets,” Drew Gorman, a principal at MCB, said in a statement. “By bringing together a nationally recognized specialty grocery anchor, and top national retailers like Burlington, we are reigniting a well-known commercial corridor and unlocking long-term value for Southwest Brooklyn.”

Burlington has approximately 15 other stores in New York City. 

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.