Yoel Goldman pays $72M for latest Rheingold Brewery parcel

Investor has poured $140M into Bushwick resi assemblage on 6-acre site

TRD New York /
Apr.April 08, 2016 05:15 PM

Yoel Goldman TRData LogoTINY continues to piece together a planned residential development at the former Rheingold Brewery site in Bushwick, paying $72.2 million to Joseph Tabak’s Princeton Holdings and Robert Wolf’s Read Property Group for another parcel at the location.

Goldman’s Williamsburg-based All Year Management closed on the property at 28 Stanwix Street on April 5, according to city records filed Friday.

The parcel is located adjacent to 123 Melrose Street, which Goldman acquired from Tabak and Wolf for $68.5 million last fall.

The deal for 28 Stanwix Street means Goldman has invested more than $140 million in the 6.4-acre Rheingold Brewery site, with the multifamily landlord and developer raising $66 million on the Israeli bond market in February to help fund the project, as The Real Deal reported.

All Year, Princeton Holdings and Read Property Group could not be reached for comment.

The site — bound by Evergreen Avenue and Melrose, Stanwix and Noll streets in Bushwick — is currently slated to house a new 385-unit residential building spanning nearly 375,000 square feet, according to plans filed by Read Property Group in 2014.

Developer Simon Dushinsky’s Rabsky Group also has ambitious plans at the Rheingold Brewery site, which include a 400,000-square-foot residential project at 10 Montieth Street that would hold nearly 400 units. Dushinsky has faced criticism from city officials regarding that building’s affordable housing component.

All Year Management’s Address Is 199 Lee Avenue, a South Williamsburg property that’s home to more than 1,000 LLCs tied to the Orthodox Jewish real estate community.

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Yoel Goldman gets his Rheingold Brewery funds. But at a far greater cost.