Stalled Park Slope Development Site Sells for $55 Million Following Rezoning Approval

Arrow Linen Supply Company has sold its rezoned industrial site at 441–467 Prospect Avenue in Park Slope, Brooklyn, to Yitzchok Katz’s Goose Property Management for $55 million. The transaction, brokered by JLL, follows the New York City Council's February 2025 approval of a rezoning that permits two housing structures with 250 units on the assemblage. The development had stalled after the passing of Arrow Linen's CEO, John Ambrose Magliocco, leading shareholders to sell.

Goose Property Management has since filed new plans with the Department of Buildings, proposing an expansion to four 10-story buildings with 99 units each, totaling 396 units, potentially utilizing the 485-x tax incentive. City Councilmember Shahana Hanif has emphasized her commitment to ensuring 40 percent affordable housing, a mix of bedroom sizes, and on-site community facilities. This sale and subsequent planning indicate the progression of a major residential development in a supply-constrained market, offering a large-scale housing opportunity for developers and investors.