The Real Deal New York

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

Current owner paid $27 million for the site in 2013
August 28, 2014 03:50PM

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.

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