Back in 2016, we had a first look at the 400,000-square-foot mixed-use condo development coming to the former Cascade Linen Supply Company factory in Bedford Stuyvesant. The design has changed a few times since then but today, we have the final reveal for what is already rising on the site, courtesy of Samuel Wieder Architects' Instagram.
The updated design is clearly an improvement from the past renderings and shows a U-shaped complex, made up of seven buildings, with a multi-toned facade and cascading balconies – fitting, considering the complex is simply named Cascade.
The updated design is clearly an improvement from the past renderings and shows a U-shaped complex, made up of seven buildings, with a multi-toned facade and cascading balconies – fitting, considering the complex is simply named Cascade.
Old rendering of Cascade
New design
Aerial view of Cascade (Google Earth/CityRealty)
Last week, the Commercial Observer reported that Madison Realty Capital (MRC) had provided an additional $100 million in construction financing to developers Isaac Deutsch’s Empire State Management, Abraham Brach and Nachman Leibowitz, who picked up the Cascade Linen site for $70 million in 2015.
MRC had previously provided $88 million for the project's first phase, which will offer 97 units and be completed this year. Offering plans filed with the New York State Attorney General's office show the updated and approved projected sellout of that phase is around $111 million, which translates to an average of $1.14 million per unit – aka super pricey for Bed-Stuy, where CityRealty data shows the median price of condos is currently $795,000. The second phase, set for early 2020, will feature 137 units. An offering plan has yet to be filed for that one.
MRC had previously provided $88 million for the project's first phase, which will offer 97 units and be completed this year. Offering plans filed with the New York State Attorney General's office show the updated and approved projected sellout of that phase is around $111 million, which translates to an average of $1.14 million per unit – aka super pricey for Bed-Stuy, where CityRealty data shows the median price of condos is currently $795,000. The second phase, set for early 2020, will feature 137 units. An offering plan has yet to be filed for that one.
It was previously reported that Cascade would include 66 below-market-rate units, which would bring the total number of units up to 300.
The developers, who are from the Hasidic Satmar community, aim to market the condos to others in the Orthodox Jewish community. Josh Zegen of MRC told the Observer, "When you look at the community’s population growth it’s pretty substantial and there is a natural buyer for this product." Apparently, multiple units at the developments are already under contract since the first round of construction financing closed last year.
The development will consist of one 10-story building, two 9-story buildings, one 8-story building, and three 6-story buildings at 104, 114, and 134 Stockton Street, 553-569 Marcy Avenue, and 833-869 Myrtle Avenue. Additionally, permits call for a community facility, 41,000 square feet of retail, parking, bike storage, a courtyard, and roof decks.
The first phase, which fronts Stockton Street, has received its facade and is nearing completion.
The first phase, which fronts Stockton Street, has received its facade and is nearing completion.
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Sandra Herrera
Sandra Herrera is a writer, editor, and graphic designer based in Brooklyn, NY.
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