The developers of the Cascade Linen Supply and Laundry Corp. site have chosen to forgo an earlier plan for religious housing marketed at the Orthodox Jewish community in favor of constructing luxury condos. The developers of the site plan to ask between $1 and $2 million per unit in the development, according to The Real Deal.
The complex at 835 Myrtle Avenue will comprise seven buildings when finished. The Cascade Linen complex with its red-brick factory buildings and Neo-Grec detail stood at the site for over a century. Its signature smokestacks loomed over Bed Stuy and were a neighborhood icon. It closed in 2010, and the complex was demolished in 2015.
The site sold to Alliance Capital Group in 2013 for $27 million, and then sold again in 2015 for $70 million to a partnership comprised of Isaac Deutsch along with Abraham Brach and Nachman Liebowitz.
The original plan dating back to Alliance’s ownership was to market the apartments built on the Cascade site to an Orthodox Jewish clientele in the surrounding area. The new plan is to market the apartments more broadly.
The final vision for the site includes the seven aforementioned buildings, which will be between six and 10 stories, and an on-site supermarket. There is also a plan to include affordable housing: 66 of the 301 units will be affordable, the developer told the community board last year.
The development was made possible by a rezoning in 2012, the Bedford Stuyvesant North Rezoning, which permitted residential and retail uses and an increase in the site’s buildable square feet. It also allows developers to build bigger in exchange for making 20 percent of the units affordable.
The first phase of the Cascade project is set to wrap this year, with the remaining four buildings opening in 2018, sources told the Real Deal.
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