Bed Stuy’s Cascade Linen Doubles in Value in One Year, Could Become Satmar Apartments

by
17

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]

What's Happening