BEDFORD-STUYVESANT — The developer of a large luxury condo project on the site of the former Cascade Linen Supply factory is moving forward with the first phase of the project after receiving tens of millions of dollars in funding, a spokesman for the firm said.
Empire State Management plans to build 240 condos over seven buildings on the site, located on the block bounded by Myrtle Avenue, Tompkins Avenue, Marcy Avenue, and Stockton Street.
The developer has secured $88 million and is looking to have the first three buildings completed by early 2018, according to representative David Katz.
The new injection of cash for the project is coming from Madison Realty Capital, according to The Real Deal, which first reported on the financing.
The former Cascade Linen Supply factory, a collection of buildings that made up the western half the block, was sold in 2013 for $27 million, records show. Empire State Management paid $70 million for the entire parcel in 2015, records show.
The principals of the project, Andor Deutsch, Abraham Brach and Nachman Leibowitz, expect to sell the first 97 condos for $114.8 million, according to offering plans filed in May with the state Attorney General’s office.
The project will eventually include one 10-story building, one nine-story building, one eight-story building and three six-story buildings, according to public records.
Katz said the development is slated to include 66 below-market-rate units, but that could not immediately be confirmed with the city.
