NEW YORK CITY-The former General Linen Supply & Laundry plant at 835 Myrtle Ave. has been sold to an investor group, led by Alliance Private Capital Group, for $27 million, according to the New York Post on Tuesday.
Home to Cascade Linen Supply from 1898 until 2010, the Myrtle Avenue property comprises nine different buildings totaling 137,386 square feet; the space has been vacant since Cascade closed its doors. The site could host up to 251,505 square feet of residential development plus 101,000 square feet of commercial space as part of the city's new Bedford Stuyvesant North rezoning district, the paper states. The sale was done against the backdrop of rising prices in Bed-Stuy as other parts of Brooklyn become too expensive.
Alliance describes itself as an “intermediary” firm specializing in real-estate financing through a variety of instruments. It has originated and closed more than $3.5 billion in financing, according to its website, the Post says.
The sale was brokered by Newmark Grubb Knight Frank Capital Group senior managing director Kenneth Zakin, director Justin DiMare and associate director Randall Liberman.
Cascade was best known for its white-and-blue delivery trucks that serviced area hotels, restaurants and banquet halls. The plant is surrounded by two city housing projects and Myrtle and Stockton avenues, which are being redeveloped at a rapid clip, the Post reports. A G train stop also sits outside of the property.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
