Gindis offload original Century 21 home for $48M

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 […]This article originally appeared on The Real Deal. Click here to read the full story.