The Real Deal New York

Dushinsky pays $53M for big Bushwick development site

Rabsky Management boss buys 12 properties located on one block

October 09, 2014 04:11PM
By Rich Bockmann

Simon Dushinsky's development site

Simon Dushinsky’s development site

Brooklyn-based developer Simon Dushinsky has bought a large Bushwick development site from a pair of investors, one of whom he is working with on a nearby project, property records show.

Dushinsky’s Rabsky Management paid $53 million for 12 properties covering approximately 3/4 of the block fronting Bushwick Avenue between Montieth and Forrest Streets, records filed today with the city show.

The sellers were investors Robert Wolf of the Read Property Group  and Joseph Tabak of Princeton Holdings, who owned a 62.5-percent and a 37.5-percent stake in the portfolio, respectively. None of the parties could be reached for comment.

The partners still co-own a pair of properties covering the remaining quarter of the block, as well as a number of lots across Montieth Street.

Dushinsky’s mostly vacant site is a few blocks away from the Rheingold Brewery site where he and Wolf are reportedly working to develop 977 rental units across ten buildings.

The newly acquired development site is zoned for residential use. Dushinsky was a relative unknown only a few years ago, but from 2011 to the beginning of the year he has filed permits to construct about 1 million square feet of space, making Rabsky one of the most active developers in the city.