Satmar group looks to buy Bedford-Stuyvesant site for $60M

Current owner paid $27 million for the site in 2013

835 Myrtle Avenue in Bedford-Stuyvesant
835 Myrtle Avenue in Bedford-Stuyvesant

A group of buyers from the Satmar community is looking to buy a commercial laundry site in Bedford-Stuyvesant roughly one year after it was last sold.

The group of buyers is in talks to purchase the Cascade Linen Factory at 835 Myrtle Avenue for $60 million. This is about twice as much as current owner Mike Kohn, from Alliance Private Capital Group, paid for the site in April 2013.

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The partnership is led by Nachman Leibowitz, Fishel Deitch and Avrumi Brach, Crain’s reported.

After a rezoning, the site offers 450,000 square feet of residential space as well as about 100,000 square feet of commercial space. Crain’s reported that the site will likely be used to build a residential tower for members of the Satmar community. [Crain’s] — Claire Moses