Commercial lender and developer Greystone has acquired a half-completed condominium conversion in Williamsburg for $15.95 million from Brooklyn developer Rabsky Development, The Real Deal has learned.
Shay Zach of Itzhaki Properties represented both the buyer and the seller in the deal, which closed May 1, he said.
Rabsky intended to transform the five-story building at 137-143 North 10th Street between Berry Street and Bedford Avenue into luxury condo lofts designed by Adam Meshberg of the Meshberg Group. But Greystone approached Rabsky with a high offer for the property, which Rabsky couldn’t pass up, Zach said.
“[Greystone] offered [Rabsky] an offer he couldn’t refuse,” Zach said. “[Rabsky’s] usually not a seller, but if you come to [it] with a ridiculous offer, that’s usually what happens.”
Greystone intends to complete the project, Zach said, but he did not know whether the building would be converted into condos or rentals, and it was unclear whether Meshberg would be retained. The project, he said, is supposed to be finished by the end of summer 2014.
Rabsky, headed by developer Simon Dushinsky, closed yesterday on its sale to Silverstone Property of a three-story manufacturing building in Dumbo for $45 million, The Real Deal reported today.
Rabsky and Greystone did not immediately respond to requests for comment.