The Real Deal New York

Rabsky to offer 99 condos in South Williamsburg for $54M

Project slated for completion within six months: sources

July 21, 2015 08:00AM
By E.B. Solomont


756 Kent Avenue in Williamsburg

Simon Dushinsky’s Rabsky Group is planning a 99-unit condominium building in South Williamsburg, according to plans filed with the Attorney General’s office.

Located at 756 Kent Avenue, also known as 82-88 Wallabout Street, the project has a total sellout of $54.4 million, according to a summary of the plan reviewed by The Real Deal. It is being marketed to Orthodox Jewish families and feature four bedrooms each, sources said. The project is slated for completion in the next six months and Rabsky plans to handle sales in-house.

The developer did not immediately return a call seeking comment. Rabsky paid $11.575 million for the property in 2012, property records show.

Dushinsky, one of the most active developers in Brooklyn, is also part of the development team working to convert Bushwick’s Rheingold Brewery into a massive rental project with nearly 1,000 units.

And the developer wants to build a pair of apartment buildings on the former Pfizer site at the edge of Bedford-Stuyvesant, which it bought for $12.8 million in 2012. Rabsky filed an application to rezone 249 and 334 Wallabout, which would hold two buildings with 662 market-rate units, 155 affordable units and 32,000 square feet of retail.

In addition to Rabsky’s plans at 756 Kent, the developer recently filed a pair of offering plans for condominiums at 376-80 and 382 Wallabout. According to the attorney general’s website, 376-80 Wallabout will have 18 units and a sellout of $10.6 million and 382 Wallabout will have six units with a sellout of $3.3 million.

Mark Maurer contributed reporting.