Rabsky buying large Williamsburg site at
500 Kent from Con Ed

Developer to pay $50M for waterfront plot, where it plans commercial building

New York /
Jun.June 05, 2017 04:30 PM

Rabsky Group TRData LogoTINY is in contract to buy a 2.65-acre development site along the Williamsburg waterfront from Consolidated Edison for $50 million, or $217 per buildable square foot, representatives for the developer and the utility giant confirmed to The Real Deal.

The prolific Brooklyn developer is planning a commercial building on the vacant site at 500 Kent Avenue, which offers 230,000 buildable square feet as-of-right, a spokesperson for Rabsky said. The current zoning allows for manufacturing, offices and some retail uses, given its inclusion in the Brooklyn Navy Yard’s Industrial Business Zone (IBZ).

In October, Con Edison hired Cushman & Wakefield to market the 115,000-square-foot lot and implied to potential buyers that a rezoning to residential was in the works. The city, however, responded by saying it would not allow for a rezoning.

Mike Clendenin, a spokesperson for Con Ed, said the deal remains subject to approval by the New York State Public Service Commission, prior to closing.

The site sits just south of Eliot Spitzer’s 857-unit rental project at 420 Kent Avenue and the Williamsburg Bridge. There is about 648 feet of frontage on Kent and Division avenues.

A Cushman team led by Stephen Palmese and Brendan Maddigan marketed the land for sale.

Rabsky, which made its name developing luxury rentals and condominiums in North Brooklyn, has increasingly branched out into commercial development. The firm filed plans last month for its first hotel, along Bedford Avenue in Williamsburg, and paid $68 million for a site that allows its Downtown Brooklyn project to amass as much as 770,000 buildable square feet.  Rabsky is considering office or residential for the latter site.

(To view more of Rabsky Group’s projects in development, click here)


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
SoftBank founder Masayoshi Son, Fortress Investment Group principal Peter Briger (Wikipedia, Long Arc Capital, Getty)
Fortress on chopping block as SoftBank looks to cut costs
Fortress on chopping block as SoftBank looks to cut costs
From left: Howard Hughes CEO David O’Reilly and Jean-Georges Vongerichten in front of the Tin Building at the Seaport (Photo Illustration by Steven Dilakian with Getty Images, Howard Hughes and Twitter/arcofnyc)
Howard Hughes buys stake in Jean-Georges
Howard Hughes buys stake in Jean-Georges
From left: Savitt Partners Bob Savitt and Tory Burch with 11 West 19th Street
Tory Burch staying put at Savitt’s 11 West 19th Street
Tory Burch staying put at Savitt’s 11 West 19th Street
Ruschmeyer’s Hotel (Facebook, Getty)
Montauk hotspot Ruschmeyer’s for sale after losing liquor license
Montauk hotspot Ruschmeyer’s for sale after losing liquor license
Boston Properties CEO Owen Thomas and 343 Madison Avenue (Boston Properties, Getty Images)
Boston Properties plans 1M sf tower at ex-MTA HQ
Boston Properties plans 1M sf tower at ex-MTA HQ
1591 Alps Road in Wayne, NJ and March Associates Construction president Louis March (Google Maps, Getty, March Associates)
From funeral home to strip mall
From funeral home to strip mall
The Chetrit Group's Joseph Chetrit and Park West Village on the Upper West Side (Getty Images, Google Maps)
Chetrit, Stellar land $365M refi for UWS luxury apartment complex
Chetrit, Stellar land $365M refi for UWS luxury apartment complex
arrow_forward_ios

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

Loading...