Yet another old industrial building in Brooklyn may soon be converted or torn down to make way for mixed-use residential, The New York Post reported. The 19th-century brick building at 835 Myrtle Avenue near Marcy that formerly housed the Cascade linen company has been purchased by an investor group for $27 million. The site is in the new Bedford-Stuyvesant North rezoning district, which means 251,505 square feet of residential development and 101,000 square feet of commercial space is allowed on the property, so the building could be converted to mixed use with apartments above and retail below. The parcel includes nine buildings comprising 137,386 square feet. The lead investor among the buyers, Alliance Private Capital Group, specializes in real estate financing but is not a developer, said The Real Deal. “The sale comes at a time when Bedford-Stuyvesant property values are rising, driven by young professionals priced out of other parts of Brooklyn and by Hasidic Jewish families moving from neighboring Williamsburg,” The Post story noted.
A New Century in Brooklyn [NY Post]
Bed-Stuy Poised for Major Mixed-Use Development [TRD]
Brooklyn’s Cascade Smokestacks Are Not Long for This World [Curbed]
Photo by Christopher Bride for PropertyShark