A majority of the apartments in a gigantic new Bed-Stuy development will ask between $1 million and $2 million, an unprecedented sum for the neighborhood, The Real Deal has learned. The seven-building development in question is coming to the site of the former Cascade Linen factory, a nearly full-block spread bound by Myrtle, Marcy, and Tompkins avenues and Stockton Street, and bordering Marcy and Tompkins Houses.
The site has had a complicated history of late: the 112-year-old Cascade Linen company shuttered in 2010, with a buyer swooping in to purchase the site for $27 million in 2013. That buyer turned out to be Alliance Capital Group, who filed plans for a massive residential complex on the site before turning around in 2015 and selling the property for $70 million to its current owners, Isaac Deutsch, Abraham Brach, Nachman Leibowitz.
The consortium is moving ahead with Alliance’s plans, largely unchanged, and will develop seven properties with 301 apartments (66 of which will be affordable), 118 parking spots, and a 20,000-square-foot grocery store. The site is being built out in phases and will include two ten-story buildings, one nine-story building, one eight-story building, and three six-story buildings. The first three buildings under construction at the site are expected to be complete within the next six to eight months, TRD reports, while the remainder will follow in late 2018. The site is one of many addresses, including 553-569 Marcy Avenue, 833-869 Myrtle Avenue and 90-134 Stockton Street.
The median sales price for condos in Bed-Stuy is $730,000 with a price per square foot of $655, according to real estate site Trulia. Per The Real Deal, the average price per square foot of apartments in the development will be $750, and average 1,333 square feet for a $1 million apartment. One huge caveat on the prices: the Attorney General has yet to approve the building’s offering plan, so this is still all relatively speculative.
TRD notes that there are two other developments in the area that have won over a similar price per square foot for some condos, including 1188 Bedford Avenue and 4 Downing Street. Those projects, however, each have less than 15 apartments.