Permits & development · 10/16/2026
Goose gets $143M construction loan for former Arrow Linen site in Park Slope
Affinius Capital lent Goose Property Management $143 million for the former Arrow Linen site at 441-467 Prospect Avenue in Park Slope. The City Council had approved a 250-unit rezoning with 100 units affordable at an average 60 percent of area median income. Goose's plans for over 396 units keep about 100 affordable, roughly 25 percent, and talks on that number are ongoing.
Reported by The Real Deal · New YorkRead the original ↗
What happened
Goose Property Management has landed a $143 million construction loan for its planned residential project at the former Arrow Linen site in Park Slope, Brooklyn. The Real Deal reported that Affinius Capital provided the loan for the four-building development site at 441-467 Prospect Avenue, according to property records. PincusCo first reported the loan. It replaced a $5.4 million Citibank loan issued to the previous owner in 2013.
Goose, the firm of Yitzchok Katz, paid $55 million last month to buy the site from the Arrow Linen Supply Company. The family-owned laundry business had first planned to redevelop the site itself with Apex Development. It cooled on the project after its chief executive officer died in May. Arrow Linen, founded in Brooklyn in 1947, plans to move its laundry operations elsewhere.
After a controversial rezoning process, the City Council approved Apex's plan last year. The approval covered a 250-unit residential building. It required 40 percent of the units, or 100 apartments, to be affordable to households earning, on average, 60 percent of the area median income.
Before the sale closed, Goose filed plans for four 10-story residential buildings with over 396 units, from studios to two-bedrooms. The plans called for about 100 affordable units. That is about 25 percent of the larger total. In August, the director of the firm handling construction told The Real Deal that negotiations over the number of affordable units are ongoing. The Real Deal reported that the developer appears poised to avoid New York's 485x wage floor by dividing the project into four 99-unit towers.
Key facts
- Address
- 441-467 Prospect Avenue, Park Slope, Brooklyn
- Developer
- Goose Property Management (Yitzchok Katz)
- Loan
- $143 million construction loan from Affinius Capital
- Purchase price
- $55 million, paid last month to Arrow Linen Supply Company
- Filed plans
- Four 10-story buildings, over 396 units, studios to two-bedrooms
- Affordable units
- About 100 in Goose's plans (about 25 percent); negotiations ongoing
- Rezoning terms
- 250 units with 40 percent (100 units) affordable at an average of 60 percent of area median income
- Tax program
- Developer appears poised to avoid the 485x wage floor with four 99-unit towers
What it means
Tenants and voucher holders
About 100 affordable apartments are planned, but the final number is still being negotiated. No lottery dates, rents or opening timeline have been announced.
Caseworkers
There is nothing to apply for yet. The rezoning set affordable units at an average of 60 percent of area median income, so this may matter for lower-income clients once a lottery is announced.
Landlords
This shows a developer splitting a large project into separate buildings under 100 units each, which The Real Deal says appears aimed at avoiding the 485x wage floor.
The highlights
- Goose paid $55 million last month for the site at 441-467 Prospect Avenue.
- Plans call for four 10-story buildings with over 396 units, about 100 affordable.
- Four 99-unit towers appear set to avoid New York's 485x wage floor.
Why it matters Landlords
Shows how 485x unit thresholds can shape building size and the share of affordable units in new Brooklyn projects.
What to do: Check how 485x unit thresholds apply before filing plans for a new building.
Not known yet
- How the affordable-unit negotiations will end and who is negotiating
- When construction will start and finish
- When and how an affordable housing lottery will open, and at what rents
- Whether the four-building plan is consistent with the terms of the 2025 rezoning approval
Background
In New York City, affordable units in new rental buildings are usually leased through the city's Housing Connect lottery, with eligibility based on household size and income as a percentage of area median income. The 485-x tax incentive for new rental construction requires a share of affordable units and sets minimum construction wage requirements for projects above certain size thresholds. City law bars landlords from refusing tenants because they pay with a housing voucher.
Summary written by Bulwark from The Real Deal · New York’s reporting. The original story is at therealdeal.com. This is general information, not legal advice.
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