The Real Deal New York

Rabsky’s Simon Dushinsky taps into Rheingold brewery project

Firm takes stake in massive Bushwick redevelopment that's slated to hold 977 rental apartments

August 15, 2014 02:40PM

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Rendering of the Rheingold Brewery conversion site

Rendering of the Rheingold Brewery conversion site

Prolific but private Brooklyn developer Simon Dushinsky of the Rabsky Group has acquired an undisclosed stake in Read Development Group’s 10-building redevelopment of the former Rheingold Beer site in Bushwick. Dushinsky will partner with Read on the massive project.

In December, the City Council approved a zoning change that allowed Read to construct 70- and 80-foot towers with 977 rental apartments on the 6.4-acre site, along with retail and several blocks of public space. As part of the deal, Read agreed to designate 30 percent of the residential units as affordable housing.

Rabsky sold a majority stake at 564 St. John’s Place in Crown Heights to Heritage Equity Partners for $30 million in June, as previously reported. [Crain's]Mark Maurer

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