Forest City to sell DoBro site to Rabsky for $158M

The 625 Fulton Street property can accomodate 600K sf of residential space

Nov.November 04, 2015 10:35 AM

Forest City Enterprises has agreed to sell its development site at 625 Fulton Street in Downtown Brooklyn to Simon Dushinsky’s Rabsky Group for $158 million.

Forest City bought the property in 1989. In 2013, the company demolished the 359,000-square-foot office building that occupied the site, with plans to construct a new residential tower there.

Behind the story:

Rabsky Group

Forest City Ratner

The developer contemplated selling the property last year for $185 million, and also considered finding a partner to develop a new building there.

CBRE’s Darcy Stacom and William Shanahan represented Forest City in the sale to Rabsky Group, the New York Observer reported. The REIT made the announcement in its quarterly earnings report on Tuesday.

Forest City, one of the city’s most active developers, is developing Brooklyn’s Pacific Park, formerly Atlantic Yards, with majority partner Los Angeles-based Greenland USA, a subsidiary of the China-based Greenland Group.

“We remain as bullish as ever on the Brooklyn real estate market as demonstrated by our four residential buildings under construction today at Pacific Park, Brooklyn,” a spokesperson for Forest City said in an email to the Observer. “This sale is related to our stated corporate commitment to our shareholders to shore up our balance sheet by enhancing liquidity and delivering through strategic dispositions as [Forest City Enterprises] becomes a [real estate investment trust] on Jan 1, 2016.”

The Williamsburg-based Rabsky Group has nearly 1,850 units in the pipeline in Brooklyn, with 400 more planned in Queens. Its two biggest current projects are a 398-unit rental building at 10 Montieth Street in Bushwick and another 777-unit rental property at 249 and 334 Wallabout Street. [NYO]Ariel Stulberg

Related Articles

Rabsky Group buying Gowanus parcel from Yoel Goldman for $95M: sources

Rabsky Group buying Gowanus parcel from Yoel Goldman for $95M: sources

34 Union Avenue in Brooklyn (Credit: Google Maps)

Rabsky Group planning another Williamsburg mixed-use project

A rendering of Broadway Triangle and an aerial of Broadway Triangle (Credit: Magnusson Architecture via Department of City Planning and Google Maps)

Rabsky, Spencer land $70M refi for Broadway Triangle site

269 Wallabout Street in Williamsburg (Credit: Google Maps)

On to the next one: Rabsky planning yet another Brooklyn project

58 Union Avenue (Credit: Google Maps)

Brooklyn binge: Rabsky Group plans to bring 65-unit project to Williamsburg

The Rheingold at 10 Montieth Street in Bushwick (Credit: StreetEasy)

Rabsky Group lands $200M refi for 500-unit Bushwick building

313-331 Bond Street in Gowanus (Credit: Google Maps and iStock)

Yoel Goldman sells majority stake in Gowanus dev site to Rabsky for $80M

Hampshire picks up Williamsburg waterfront site for $50M

Hampshire picks up Williamsburg waterfront site for $50M