Arrow Linen Supply Sells Stalled Park Slope Development Site for $55M
By Mark Hallum September 29, 2026 1:28 pm
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Arrow Linen Supply Company, a family-owned laundry rental business, has sold its recently rezoned property in Park Slope, Brooklyn, to a developer.
The former industrial site at 441–467 Prospect Avenue sold Monday to Yitzchok Katz’s Goose Property Management for $55 million, according to broker JLL. The deal comes after the New York City Council in February 2025 greenlighted a rezoning that would allow two housing structures with 250 units at the assemblage.
The project, however, became stalled following the death of John Ambrose Magliocco in May at the age of 96. Magliocco took over Arrow Linen in 1958 from his father, Ambrogio, a Sicilian immigrant who started the company at 17.
“Arrow Linen has been proud to call Brooklyn its home since 1947,” an Arrow Linen spokesperson said in a statement. “Recently, after the unexpected passing of our chief executive officer and majority shareholder, the remaining shareholders elected to no longer be part of the site’s development. We are confident that the new team will bring badly needed homes, including affordable homes, to Brooklyn.”
JLL’s Mike Mazzara, Ethan Stanton and Brendan Maddigan represented the sellers in the transaction while working directly with the buyer, which did not use an outside brokerage.
Gerald J. Caliendo Architects appears to be the designer behind the development, which will seemingly fit between the existing prewar structures facing Prospect Avenue across two 10-story buildings with 100 affordable units.
However, in August, Goose Property filed plans with the city’s Department of Buildings to expand the project to span four 10-story buildings with 99 units each, likely using the 485-x tax incentive, The Real Deal reported at the time. It’s unclear whether the new plans for 396 units will increase or decrease the amount of affordable units part of the project.
In a post on Instagram this week, City Councilmember Shahana Hanif of Brooklyn’s District 39 said she remains “committed to ensuring that 40 percent of the housing is affordable, that the development includes a mix of bedroom sizes to accommodate families,” and that “community facility spaces are provided on-site.”
Mark Hallum can be reached at mhallum@commercialobserver.com.
