Thursday, August 28, 2014

Price of big B'klyn laundry site doubles in year 

A group of buyers from within Brooklyn's large Satmar Hasidic community is in negotiations to buy a development site that takes up an entire city block in Bedford-Stuyvesant near the south Williamsburg neighborhood where members of the Jewish religious sect have extensive property holdings.

According to a person familiar with the talks, a partnership led by Nachman Leibowitz, Fishel Deitch and Avrumi Brach is negotiating to buy the Cascade Linen Factory, a sprawling former industrial building, for $60 million. That's double what its current owner, Mike Kohn of the firm Alliance Private Capital Group, paid for the site in April 2013.

Boosting the site's value, according to a source, is a rezoning of the area late last year that pushed up the amount of residential space that can be built there from 250,000 to as much as 450,000 square feet. The developers also have the option to build an additional 100,000 square feet of commercial space.

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.

Sources say that the developers plan to build a residential project for members of the Satmar community.


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