The Real Deal New York

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

Rabsky's Simon Dushinsky flipped contract for former Walgreens building

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.

  • MYLandNY

    Rabsky has made a lot of $ flipping deals they bought from Palmese. The sellers here should contact the Forman Family (SP sold 51 Jay Street for them for 25M and a year later it retraded for 45M).

    • Mark Newmann

      I guess Walgreens also took a lot $$ for terminating the lease, so I guess rabsky didnt make that much?

  • trex

    anyone doing business with SP is getting rolled. if he keeps on burning bridges, he’s gonna run out of suckers

  • deeznuts

    if he’s repping the seller, his job is to get highest price. no gun to anyone’s head to sign the contract.

    • MYLandNY

      Sellers got rolled on this one as well as the 51 Jay deal.

  • ALEX JEFFREY

    SP….BAD GUY….GREW UP LEARNING FROM BAD GUYS AT MK. THEY ARE ONLY IN IT FOR THEMSELVES. WOULD LOVE TO HAVE BEEN A FLY ON THE WALL FOR SOME OF THOSE “INSIDER” ONLY MEETINGS.

  • BH

    60000 sq feet holding only 30 apartments? how big are they going to make these condos?

    This SP guy is a shady character? Seems like the same situation with Dermot selling off most of their assets only to A&E.