Newmark Grubb Knight Frank Capital Group (NGKF Capital Group) is exclusively marketing a prime site in Brooklyn for redevelopment as a mixed-use property primarily geared toward residential development, including an opportunity to add a retail component.
The site, which is situated within an area that is being rezoned, was the home of Cascade Linen Supply, one of the largest commercial laundries in the country, for more than 100 years. The factory’s nine iconic buildings have stood since 1898 and were in use until the closing of Cascade in 2010.
Rezoning to permit up to 342,600 square feet of residential development (including up to 101,000 square feet of retail space) is expected to be approved by October 30, 2012, according to NGKF Capital Group Senior Managing Director Kenneth L. Zakin.
“The Cascade site is a singular redevelopment opportunity in the heart of Bedford Stuyvesant, a community that encourages mixed-income housing,” says Mr. Zakin, who is marketing the property with Director Justin DiMare and Associate Director Randall Liberman. “The Cascade facility was always an integral part of the community. We expect that the next phase of Cascade will be a redevelopment that preserves some of the unique character of the property and provides quality housing for generations to come.”
The site’s existing buildings total 137,386 square feet on a lot size of 94,000 square feet. Mr. Zakin noted that the populous area, which has direct access to the entrance of the Myrtle Avenue / Willoughby Avenue “G” Train, is currently underserved by retail.
“Given the tight supply of housing in Brooklyn, the Bedford Stuyvesant area has seen increased demand for large scale projects,” added Mr. DiMare.
About Newmark Grubb Knight Frank
A part of BGC Partners, Inc. (NASDAQ:BGCP), Newmark Grubb Knight Frank is one of the largest commercial real estate service firms in the U.S. It brings together the strategic consultative approach to creating value for clients and leading position in the New York market that are hallmarks of Newmark Knight Frank; the complementary strengths of Grubb & Ellis in leasing and management, investment sales, valuation and capital markets services; and BGC’s financial strength, proprietary technology, expertise in global capital markets and deep relationships with many of the world’s leading financial institutions.
Newmark Grubb Knight Frank, together with its affiliates and London-based partner Knight Frank, employs more than 11,000 professionals, operating from more than 300 offices in established and emerging property markets on five continents. This major force in real estate is meeting the local and global needs of tenants, owners, investors and developers worldwide.