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Arrow Linen sells Park Slope rezoned site for $55 million to a developer
The Park Slope assemblage at 441–467 Prospect Avenue was rezoned to allow two housing buildings with 250 units, before the project stalled.
Arrow Linen Supply Company has sold its recently rezoned Park Slope, Brooklyn property to a developer, Commercial Observer reports. The former industrial site at 441–467 Prospect Avenue changed hands for $55 million, according to broker JLL.
The deal was triggered after the New York City Council approved a rezoning in February 2025 that would permit two housing structures with 250 units at the assemblage. Commercial Observer reports the development became stalled following the death of John Ambrose Magliocco in May.
Commercial Observer adds that Magliocco had taken over Arrow Linen in 1958 from his father, Ambrogio, who founded the company. In a statement, an Arrow Linen spokesperson said Arrow Linen has called Brooklyn home since 1947 and that, after the CEO and majority shareholder died, remaining shareholders elected to stop participating in the site’s development.