The Real Deal New York

230-unit complex coming to old Cascade Linen site

Mike Kohn’s firm paid $27M for warehouse in 2013
December 08, 2014 05:32PM

Mike Kohn’s Alliance Capital Partners filed plans to build a residential complex with nearly 230 apartments at the former Cascade Linen Factory in Bedford-Stuyvesant.

Plans call for seven six-story buildings at 90-134 Stockton Street, 567-569 Marcy Avenue and 833-869 Myrtle Avenue, according to plans filed Monday with the city’s Department of Buildings. The buildings would have between 25 units and 45 units each.

Kohn’s Alliance Capital Partners, a real estate capital intermediary, bought the former warehouse at 835 Myrtle Avenue last year from General Linen Supply & Laundry Co. for $27 million. The linen supplier shuttered in 2010.

As of last summer, Alliance Capital was reportedly in talks to sell the site for $60 million to a group of buyers from the Satmar community.

Calls to Alliance weren’t immediately returned on Monday. New York YIMBY first reported news of the project, which will be targeted toward members of the Satmar community.

After a rezoning, the site offers 450,000 square feet of residential space, as well as about 100,000 square feet of commercial.

The current plans describe 293,063 square feet of residential space and 36,922 square feet of commercial.

The largest of the seven buildings, at 857 Myrtle Avenue, will measure 61,853 square feet, including 46,963 square feet of residential space. Plans call for 30 apartments, with ground floor commercial space measuring 14,890 square feet.

A building at 869 Myrtle will have 45 apartments, while 86 Stockton Street will have 25 units, 98 Stockton will have 34 units; 108 Stockton will have 34 units, 134 Stockton will have 34 units and 833 Myrtle will have 25 units.

Diego Aguilera Architects is the architect, according to the plans. [New York YIMBY]E.B. Solomont