Brooklyn Site Sold for $55 Million After Rezoning

Goose Property Management bought the Prospect Avenue site for a planned 396-unit development in Brooklyn.

Updated on Sept. 29, 2026 in Commercial

Isometric editorial illustration of a building transitioning from brick industrial style to modern residential form in Brooklyn. — Goose Property Management purchased the Prospect Avenue industrial site in Brooklyn for $55 million, planning a 396-unit residential development following recent rezoning. AI Illustration. Upload story photo >

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Arrow Linen Supply Company sold its industrial site at 441-467 Prospect Avenue in Brooklyn for $55 million on September 28, 2026. The sale follows a rezoning approval granted by the New York City Council in February 2025 that cleared the way for new residential development.

Why it matters

The sale marks a transition for the industrial plot after Arrow Linen shareholders opted to exit the project following the death of CEO John Ambrose Magliocco. This pivot paves the way for a large-scale housing project in the neighborhood.

The site sold for $55 million, with plans now targeting 396 total residential units. This expansion increases the project footprint to four 10-story buildings, surpassing the original approval of 250 units.

The players

Arrow Linen Supply Company

An industrial service provider that owned the Prospect Avenue site since beginning operations in 1947.

Goose Property Management

A developer that recently acquired the land to initiate a residential construction project.

John Ambrose Magliocco

The former long-time CEO who led Arrow Linen Supply Company from 1958 until his death in 2026.

JLL

A global real estate investment and advisory firm that represented the seller in this transaction.

New York City Council

The local legislative body responsible for municipal zoning approvals and land use policies.

The details

Goose Property Management intends to build four 10-story residential buildings at the site, which previously housed an industrial facility. Plans submitted in August 2026 indicate a goal of 396 total units, with 40% of the space designated for affordable housing through the 485-x tax incentive program. JLL facilitated the transaction for the sellers, while the buyer managed the acquisition independently.

September 28, 2026: The $55 million sale of the Prospect Avenue property was finalized.
August 2026: Goose Property Management filed plans for a four-building expansion.
May 2026: CEO John Ambrose Magliocco passed away at age 96.
February 2025: The New York City Council approved the rezoning of the site.

Money Landscape

This development follows the pattern set by the 485-x tax incentive program to incentivize new residential unit construction. It reflects an ongoing trend of repurposing former industrial sites in Brooklyn for large-scale housing to address local density goals.

Local residents should monitor future planning filings for the 396-unit complex to track the construction timeline and potential impacts on neighborhood infrastructure. While this project aims to increase housing stock, interested parties should consult with a professional regarding the availability of affordable housing units.

The takeaway

The transition of this industrial site into residential housing underscores the high demand for new construction in Brooklyn. Residents can track similar zoning changes and development applications through public records maintained by the New York City Department of Buildings.