The Rabsky Group may have laid the groundwork for a Park Slope rental project, but it’s the Daten Group, the firm now in contract for the site, that’s planning condos, The Real Deal has learned.
The Daten Group agreed to pay $24 million for six adjacent, mixed-use buildings – four at 575-581 Fourth Avenue and two at 189-195 Prospect Avenue, said Craig Rosenman, director of acquisitions at Daten.
The 65-unit, 80,000-square-foot structure will rise 12 stories on Fourth Avenue and five stories on Prospect Avenue, Rosenman said.
Little more than half a year ago, Rabsky, a notoriously private Williamsburg-based development firm led by Simon Dushinsky, was gearing up for its own project on the site. Rabsky paid a combined $15.4 million for the buildings in two separate deals, in November and April, records show.
Then, Dushinsky filed plans for a new, 129-unit rental building and sought demolition permits.
Daten plans to begin demolition in the next two months, likely prior to the closing. Kutnicki Bernstein Architects has been tapped to design, replacing Karl Fischer from the earlier proposal.
“We are modifying the plans to accommodate fewer units, while keeping a similar massing for the building,” Rosenman said.
Daten is paying $275 per square foot. CPEX Real Estate’s Sean Kelly, who is representing both sides in the deal, declined to comment. A representative for Rabsky could not be immediately reached.
“In a crowded rental market, this will be one of the few condo buildings along that corridor,” said Rosenman, adding that he expects the average price for the condos will be north of $1,250 per square foot.
In the neighborhood, Michael Stern’s JDS Development is constructing condos at 613 Baltic Street, while Slate Property Group and Adam America Real Estate are bringing rentals to 535 Fourth Avenue.
Rabsky builds a mix of rentals and condos, though the latter is largely marketed toward the Orthodox Jewish community. For example, the firm is planning a 99-unit condo building at 756 Kent Avenue in Williamsburg.