Bed Stuy's Cascade Linen Doubles in Value in One Year, Could Become Satmar Apartments
It looks like the old Cascade Linen factory at 835 Myrtle Avenue near Marcy, which is not landmarked, may soon be torn down to make way for apartments. A partnership of developers from the Satmar community of south Williamsburg are in talks to buy the building for $60,000,000, according to Crain’s. Shockingly, that number is…
It looks like the old Cascade Linen factory at 835 Myrtle Avenue near Marcy, which is not landmarked, may soon be torn down to make way for apartments.
A partnership of developers from the Satmar community of south Williamsburg are in talks to buy the building for $60,000,000, according to Crain’s. Shockingly, that number is more than double what the current owner paid for the property last year ($27,000,000).
A rezoning nearly doubled the buildable square footage of apartments, from 250,000 to 450,000 square feet. The rezoning also added a potential 1,000 square feet of commercial space to the site. But the Bedford Stuyvesant North Rezoning passed in 2012, well before the current owner purchased the property.
“The market for development sites in that area has jumped in value as major upcoming construction projects nearby like the Domino Sugar factory have established it as the next frontier for gentrification,” said Crain’s.
The property consists of nine buildings with a total of 137,386 square feet. The developers intend to build apartments for Hasidic families.
Satmars in Talks to Buy Bed Stuy’s Cascade Linen [Crain’s]
Bed Stuy Linen Building Sold as Development Site [Brownstoner]
Building of the Day: 835 Myrtle Avenue [Brownstoner]
As a close neighbor to this site, I’ll be disappointed if it goes that way. I don’t care at all who lives there, but at least the possibility of diversity would be nice. You do not have to be antisemitic to have a distaste for developments that are ethnically homogenous and discriminatory as a matter of policy, and in violation of the law. This is the listing page, which shows something that, if a bit generic, could have been a boon to the neighborhood: http://www.loopnet.com/Listing/18582124/835-MYRTLE-AVE-Brooklyn-NY/
Cate – please remove bklyngirls comment to not “let the Jews get their hands on it”. Not only is bklyn antisemitic but she is clearly an idiot.
This is definitely the most ‘happenin” area of bed stuy. Not sure why it’s slept on so much here.
“The developers intend to build apartments for Hasidic families.” Isn’t that Housing discrimination???