An investor group led by Alliance Private Capital Group has paid $27 million for the former home of the Cascade brand linen company in Bedford-Stuyvesant, and signs are pointing toward a major new mixed-use development, the New York Post reported.
The site at 835 Myrtle Avenue is zoned for 251,505 square feet of residential development and 101,000 square feet of commercial space, as part of the city’s new Bedford-Stuyvesant North rezoning district. The site consists of nine buildings totaling 137,386 square feet, which have been lying vacant since Cascade shut down two years ago.
The deal was brokered by Newmark Grubb Knight Frank’s Kenneth Zakin, who did not immediately respond to the Post’s requests for comment.
Alliance is not a developer, but rather a middleman firm that specializes in real estate financing. The firm has originated and closed more than $3.5 billion in financing, according to a description on its website seen by the Post.
Bedford-Stuyvesant’s property prices are rising as young professionals are being priced out of other Brooklyn neighborhoods and Hasidic Jewish families are making a move from Williamsburg. Retail in the area has also blossomed, with large companies such as Walgreens, Sprint and McDonald’s setting up shop. [NYP, 1st item] –Hiten Samtani