The Real Deal New York

Yoel Goldman closes on Rheingold Brewery parcel for $69M

Plans for 385-unit resi building at 123 Melrose Street in Bushwick filed last year

November 05, 2015 02:00PM
By Rey Mashayekhi

123 Melrose Street

123 Melrose Street in Bushwick

Real estate investor Yoel Goldman of All Year Management closed on a piece of the former Rheingold Brewery site in Bushwick for $68.5 million, according to property records filed with the city Thursday.

Goldman acquired 123 Melrose Street from a partnership between Joseph Tabak of Princeton Holdings and Robert Wolf of Read Property Group, according to the filing. The deal closed Oct. 13.

The site, located between Evergreen Avenue and Stanwix Street, is slated to house a new 385-unit residential building spanning nearly 375,000 square feet, per plans filed last year. It is located just south of where Simon Dushinsky’s Rabsky Group is planning a massive seven-story, 392-unit residential development at 10 Montieth Street.

Rabsky acquired that site for $53 million last year, and has run into obstacles with the Department of Buildings and criticism regarding the project’s affordable housing component.

Goldman did not return requests for comment. Neither Tabak nor Wolf could be reached for comment.