Arrow Linen Supply Company, a family-owned laundry rental business, has divested its recently rezoned site in Park Slope, Brooklyn, to a property developer. The former industrial plot at 441–467 Prospect Avenue was sold on Monday for $55 million to Yitzchok Katz’s Goose Property Management. This is according to information from the brokerage firm JLL. The transaction follows the New York City Council’s approval in February 2025 of a rezoning, which would have allowed for the construction of two residential buildings with a total of 250 units on the site.
The project stalled after the death of John Ambrose Magliocco in May at the age of 96. Magliocco had taken over Arrow Linen in 1958 from his father Ambrogio, a Sicilian immigrant who founded the company at the age of 17. A spokesperson for Arrow Linen stated: “Arrow Linen was proud to call Brooklyn home since 1947. Following the unexpected passing of our Chief Executive Officer and majority shareholder, the remaining shareholders have decided not to be part of the site’s development. We are confident that the new team will bring much-needed housing, including affordable housing, to Brooklyn.”
Transaction Details and Project Planning
Mike Mazzara, Ethan Stanton and Brendan Maddigan of JLL represented the sellers in this transaction. The buyer opted not to use an external brokerage firm. Gerald J. Caliendo Architects was originally named as the planner for the project, which was intended to blend in with existing pre-war buildings on Prospect Avenue and consist of two 10-storey buildings with 100 affordable units.
However, in August, Goose Property submitted plans to the city’s Department of Buildings, which foresee an expansion of the project to four 10-storey buildings, each with 99 units. This was likely done utilising the 485-x tax abatement, as reported by "The Real Deal". It is currently unclear whether the new plans for 396 units will increase or decrease the proportion of affordable housing in the project.
Political Requirements and Social Objectives
Councillor Shahana Hanif of Brooklyn’s District 39 reaffirmed her commitment this week in an Instagram post that 40 percent of the units would be affordable, that the development would include a mix of different bedroom sizes to accommodate families, and that on-site community facilities would be provided.
- —Sale price: $55 Million
- —Buyer: Goose Property Management (Yitzchok Katz)
- —Seller: Arrow Linen Supply Company
- —Location: 441–467 Prospect Avenue, Park Slope, Brooklyn
