The Real Deal New York

Bed-Stuy’s Cascade Linen warehouse sells for $70M

Buyer is likely a partnership of Satmar community members

April 03, 2015 03:20PM
By Tess Hofmann

385 Myrtle Avenue in Bedford Stuyvesant

385 Myrtle Avenue in Bedford-Stuyvesant

Mike Kohn’s Alliance Private Capital Group sold the former Cascade Linen Factory in Bedford-Stuyvesant for $70 million to a partnership of Satmar community members led by Abraham Brach, according to property records filed with the city Friday.

Brach, Nachman Leibowitz and Fishel Deitch was eyeing the site at 835 Myrtle Avenue last year, and considering purchasing it for $60 million. Brach is listed as the managing member of Cascade 553 LLC, the entity buying the property, on the deed.

In December, Alliance filed plans to build a major mixed-use complex at the site, with 230 apartments across seven buildings. The permits called for 450,000 square feet of residential space and another 100,000 square feet of commercial space.

Alliance purchased the site in 2013 for $27 million, but the property has not functioned as a factory since 2010.

Brach and representatives from Alliance Private Capital Group could not immediately be reached.