MCB Real Estate, Osiris Ventures pay $47.5M to ASG Equities for 14-parcel dev site in Bay Ridge

MCB Real Estate and Osiris Ventures paid $47.5 million to ASG Equities for 14 parcels in eight separate transactions, for a large development site in Bay Ridge, Brooklyn.

The Commercial Observer reported on the sale earlier this month, and the buyers put out a press release laying out their plans for a, “joint venture to transform former Century 21 into a 95,000-square-foot, $100M modern retail destination.”

In the first transaction, MCB Real Estate and Osiris Ventures through the entity Mcb-Ov C21 Property Owner LLC paid $13.3 million to ASG Equities through the entity 86 Blue LLC for the retail building (K2) at 423 87th Street in Bay Ridge, Brooklyn and industrial building (E1) at 427 87th Street in Bay Ridge, Brooklyn. The expected use is ground up development.
The deal closed on July 31, 2025 and was recorded on August 13, 2025. The two properties have 22,700 square feet of built space and 40,679 square feet of additional air rights for a total buildable of 63,378 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $585 and the price per buildable square foot is $209 per the PincusCo analysis.

In the second, MCB Real Estate and Osiris Ventures through the entity Mcb-Ov C21 Property Owner LLC paid $12.9 million to ASG Equities through the entity 472 86 Blue Property LLC for the mixed-use building (K4) at 472 86th Street in Bay Ridge, Brooklyn. The expected use is ground up development.
The deal closed on July 31, 2025 and was recorded on August 13, 2025. The property has 14,853 square feet of built space and 4,944 square feet of additional air rights for a total buildable of 19,776 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $870 and the price per buildable square foot is $653 per the PincusCo analysis.

In the third, MCB Real Estate and Osiris Ventures through the entity Mcb-Ov C21 Property Owner LLC paid $7.1 million to ASG Equities through the entity 460 86th St Blue LLC for the retail building (K2) at 460 86th Street in Bay Ridge, Brooklyn. The expected use is ground up development.
The deal closed on July 31, 2025 and was recorded on August 13, 2025. The property has 16,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $446 per the PincusCo analysis.

In the fourth, MCB Real Estate and Osiris Ventures through the entity Mcb-Ov C21 Property Owner LLC paid $6.7 million to ASG Equities through the entity C21 Bay Ridge Blue LLC for the retail building (K2) at 441 87th Street in Bay Ridge, Brooklyn, retail building (K2) at 449 87th Street in Bay Ridge, Brooklyn, and retail building (K2) at 458 86th Street in Bay Ridge, Brooklyn. The expected use is ground up development.
The deal closed on July 31, 2025 and was recorded on August 13, 2025. The six properties have 51,352 square feet of built space and 18,282 square feet of additional air rights for a total buildable of 67,650 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $130 and the price per buildable square foot is $99 per the PincusCo analysis.

In the fifth, MCB Real Estate and Osiris Ventures through the entity Mcb-Ov C21 Property Owner LLC paid $3.6 million to ASG Equities through the entity 464 86th St Blue LLC for the retail building (K2) at 464 86th Street in Bay Ridge, Brooklyn. The expected use is ground up development.
The deal closed on July 31, 2025 and was recorded on August 13, 2025. The property has 3,732 square feet of built space and 2,860 square feet of additional air rights for a total buildable of 6,600 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $956 and the price per buildable square foot is $541 per the PincusCo analysis.

In the sixth, MCB Real Estate and Osiris Ventures through the entity Mcb-Ov C21 Property Owner LLC paid $1.8 million to ASG Equities through the entity 448 86th St Blue LLC for the mixed-use building (K2) at 448 86th Street in Bay Ridge, Brooklyn. The expected use is ground up development.
The deal closed on July 31, 2025 and was recorded on August 13, 2025. The property has 4,177 square feet of built space and 1,820 square feet of additional air rights for a total buildable of 6,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $427 and the price per buildable square foot is $297 per the PincusCo analysis.

In the seventh, MCB Real Estate and Osiris Ventures through the entity Mcb-Ov C21 Property Owner LLC paid $1.2 million to ASG Equities through the entity 456 86th St Blue LLC for the mixed-use building (K2) at 456 86th Street in Bay Ridge, Brooklyn. The expected use is ground up development.
The deal closed on July 31, 2025 and was recorded on August 13, 2025. The property has 5,092 square feet of built space and 900 square feet of additional air rights for a total buildable of 6,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $231 and the price per buildable square foot is $196 per the PincusCo analysis.

In the eighth, MCB Real Estate and Osiris Ventures through the entity Mcb-Ov C21 Property Owner LLC paid $0.9 million to ASG Equities through the entity 444 86 Blue LLC for the retail building (K2) at 433 87th Street in Bay Ridge, Brooklyn. The expected use is ground up development.
The deal closed on July 31, 2025 and was recorded on August 13, 2025. The property has 8,000 square feet of built space and 4,000 square feet of additional air rights for a total buildable of 12,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $111 and the price per buildable square foot is $74 per the PincusCo analysis.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer MCB Real Estate purchased one property in one transaction for a total of $210.5 million and has no record it sold any properties over the past 24 months.
The seller ASG Equities had not purchased any other properties and sold one property in one transaction for a total of $2.7 million over the same time period. Out of the two properties, one with a total of 22,700 square feet of built space generated revenue of $1.1 million per year.

The property

The retail building in Bay Ridge has 22,700 square feet of built space and 40,679 square feet of additional air rights for a total buildable of 63,378 square feet according to a PincusCo analysis of city data. The parcel has frontage of 116 feet and is 100 feet deep with a total lot size of 15,726 square feet. The zoning is C4-2A which allows for up to 3 times floor area ratio (FAR) for commercial and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $10.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $375 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Bay Ridge, The bulk, or 30 percent of the 21 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Bay Ridge has near average sales volume among other neighborhoods with $281.3 million in sales volume in the last two years and is the 25th highest in Brooklyn. For development, Bay Ridge has had very little major development activity relative to other neighborhoods.It had 208,386 square feet of commercial and multi-family construction under development in the last two years, which represents 0.99 percent of the neighborhood’s built space.

The block

On the tax block of 423 87th Street, PincusCo has identified the owners of 22 of the 45 commercial properties representing 148,641 square feet of the 256,926 square feet. The largest owner is Asg Equities, followed by Century 21 Inc. and then Theodore Vallas.
There are no active new building construction projects on this tax block.

The majority, or 56 percent of the 256,926 square feet of built space are mixed-use buildings, with retail buildings next occupying 34 percent of the space.

The seller

The PincusCo database currently indicates that Asg Equities owned at least 26 commercial properties with five residential units in New York City with 1,063,873 square feet and a city-determined market value of $247.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 61 percent of the 1,063,873 square feet of built space are office properties, with retail properties next occupying 18 percent of the space. The bulk, or 72 percent of the built space, is in Manhattan, with Brooklyn next at 28 percent of the space.

The buyer

The PincusCo database currently indicates that Mcb Real Estate owned at least one commercial property with 477 residential units in New York City with 161,845 square feet and a city-determined market value of $17.5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single specialty property. It is located in Brooklyn.

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