Jeffrey Gershon, AEW plan $90M Boerum Hill condo project

Rabsky's Simon Dushinsky flipped contract for former Walgreens building

New York /
Apr.April 23, 2015 01:33 PM

Developer Jeffrey Gershon and partner AEW Capital Management are planning a $90 million condominium project on the site of a former Walgreens in Boerum Hill, The Real Deal has learned.

The new 115,000-square-foot property at 520-528 Atlantic Avenue, also known as 505 Pacific Street, would rise six stories and have two below-grade floors, according to sources familiar with the project. Plans call for 60,000 square feet of residential space holding 30 apartments, 30,000 square feet of retail across two floors, and a parking garage.

The developers have yet to file plans with the city, but have hired Beyer Blinder Belle to serve as architect. Demolition of the one-story Walgreens building is expected to occur by late summer, sources said. The site offers 72,000 buildable square feet above ground, but the developers aim to expand that through excavation.

Last year, Simon Dushinsky’s Rabsky Group signed a contract to acquire the property for $13 million from private Englewood, N.J.-based investors Herbert and Lance Collins, who had owned the building since 2001, records show. Rabsky then flipped the contract to Gershon and Boston-based AEW, which paid a total of $30 million in December for the building and to buy out the drug store chain’s lease, sources said.

Walgreens, which had 39 years remaining on its lease, vacated the space in January, said Cushman & Wakefield’s Stephen Palmese, who represented the Collins family.

Gershon, who runs Flatiron District-based Hope Street Capital, declined to comment. He is also developing a 182-unit apartment building in Long Island City, next to the 5Pointz site.

A representative for Rabsky could not be reached.


Related Articles

arrow_forward_ios
Rabsky Group buying Gowanus parcel from Yoel Goldman for $95M: sources
Rabsky Group buying Gowanus parcel from Yoel Goldman for $95M: sources
Rabsky Group buying Gowanus parcel from Yoel Goldman for $95M: sources
A photo illustration of 450 Park Avenue (left) and 8 Spruce Street (right) (Douglas Elliman, Reading Tom, CC BY 2.0 - via Wikimedia Commons, Getty Images)
CRE investment sales hit $21B in first half of 2022: report
CRE investment sales hit $21B in first half of 2022: report
Mitti Liebersohn and Arthur Mirante
Mirante, Liebersohn jump to Savills from Avison Young
Mirante, Liebersohn jump to Savills from Avison Young
From left: Letitia James, C&W's Brett White, and Donald Trump
Cushman & Wakefield squirms out of Trump sanctions
Cushman & Wakefield squirms out of Trump sanctions
From left: Cushman & Wakefield executive chairman Brett White; Donald Trump (Getty Images, Cushman & Wakefield, iStock)
Cushman held in contempt in Trump property probe
Cushman held in contempt in Trump property probe
From left: Cushman & Wakefield chairman Brett White and Newmark CEO Barry Gosin (Cushman & Wakefield, Newmark, iStock)
Rumors fly regarding Cushman-Newmark merger: report
Rumors fly regarding Cushman-Newmark merger: report
Dermot Company partner Andrew Levison and 225 Schermerhorn Street in Boerum Hill (Google Maps, Dermot Company)
Dermot buys Boerum Hill rental for $142M
Dermot buys Boerum Hill rental for $142M
1290 Sixth Avenue and Cushman & Wakefield's Toby Dodd (Google Maps, Cushman & Wakefield, iStock)
Cushman & Wakefield on the hunt for new NYC office
Cushman & Wakefield on the hunt for new NYC office
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...