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

Buyer is likely a partnership of Satmar community members

New York /
Apr.April 03, 2015 03:20 PM

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.


Related Articles

arrow_forward_ios
Edward Norton and 441 Willoughby Avenue in Bed-Stuy Brooklyn (Google Maps, Twitter via EdwardNorton, Illustration by The Real Deal)
Historic Bed-Stuy mansion bites the dust
Historic Bed-Stuy mansion bites the dust
Edward Norton with 441 Willoughby Avenue (Getty, Google Maps)
Actor Ed Norton fights plans to turn historic Bed-Stuy mansion into condos
Actor Ed Norton fights plans to turn historic Bed-Stuy mansion into condos
22 Skillman Street (Google Maps, iStock)
William Vale developer Zelig Weiss plans resi project near Navy Yard
William Vale developer Zelig Weiss plans resi project near Navy Yard
Brooklyn investors pay $49M for Bed-Stuy rental complex
Brooklyn investors pay $49M for Bed-Stuy rental complex
Brooklyn investors pay $49M for Bed-Stuy rental complex
BRP’s controversial Bed-Stuy project wins approval
BRP’s controversial Bed-Stuy project wins approval
BRP’s controversial Bed-Stuy project wins approval
HAP Investment Developers CEO Eran Polack with 2211 Third Avenue (HAP, StreetEasy)
NYC tries to fix supermarket program’s fundamental flaw
NYC tries to fix supermarket program’s fundamental flaw
611 St. Johns Place, Brooklyn, NY (Getty)
Workforce Housing Group solar deal will also pay for broadband
Workforce Housing Group solar deal will also pay for broadband
84 Putnam Ave and 308 N 7th Street in Brooklyn (Google Maps; 308n7)
Brooklyn luxury home sales remain 80% below last year
Brooklyn luxury home sales remain 80% below last year
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...