The Real Deal New York

Philly investor buys stake in Toby Moskovits’ office project at 25 Kent

Deal values Williamsburg development at $130M
December 24, 2015 01:35PM

Rubenstein Partners, a Philadelphia-based real estate investor, is buying a stake in Toby Moskovits’ 25 Kent Avenue, a 400,000-square-foot speculative office project in Williamsburg. Rubenstein’s deal for an undisclosed stake in the project values it at $130 million, Crain’s reported.

Moskovits struck a deal to take full control of 25 Kent in October, when she agreed to buy out former partners Yael Goldman and the Rabsky Group’s Simon Dushinksy. The block-long project, dubbed the Generator, is bounded by North 12th and North 13th streets, from Kent to Wythe avenues. Rubenstein is buying the stakes that belonged to Moskovits’ ex-partners, according to Crain’s, while she will retain an ownership interest in the project.

Moskovits bought the site in 2013 for $31.75 million, city records show, and is trying to persuade the city to allow her to use community space — typically mandated for medical, school, nonprofit or religious use — for offices and light manufacturing instead.

Rubenstein, founded by David Rubenstein, owns properties throughout the Northeast, with partners including Fortress Investment Group and Trinity Capital Advisors. The company operates a $515 million closed-end fund that is actively investing in commercial real estate. [Crain’s] — Ariel Stulberg