Rendering by Samuel Wleder Associates
In 2010, it was revealed that the 112-year-old Cascade Linen factory in Bed-Stuy wouldn’t be standing much longer. Alliance Capital Group bought the site for $27 million and had plans for a massive residential complex. Things did not go as planned, and in 2015 they sold the property to Isaac Deutsch, Abraham Brach, Nachman Leibowitz for $70 million, all of which are still the current owners.
Alliance’s original plans will still be followed through with the new owners, developing seven properties totaling 301 condominiums, 66 of which will be affordable. The development will also include 118 parking spots and 20,000 square feet of space for a grocery store. This will all be located across several addresses including, 553-569 Marcy Avenue, 833-869 Myrtle Avenue and 90-134 Stockton Street.
A rendering of the exterior has been revealed, which shows that the building will be a combination of red and dark gray brick, with glass at the base and various balconies throughout. The average price per square foot for each apartment will be $750, with the apartments averaging 1,333 square feet for a $1 million price tag.
As predicted, this large development will be built out in phases which include two ten-story buildings, one nine-story, and one eight-story building, as well as three six-story buildings. While the first three buildings are expected to be complete in the next eight months, the other buildings will not be complete until 2018.