Rabsky secures $45M refi for new Greenpoint rental

Berkadia Commercial Mortgage is the lender for the building at 26 West Street
By Miriam Hall | August 23, 2017 12:05PM

Rendering of 26 West Street in Greenpoint

UPDATED, Aug. 23, 6:13 p.m.: Rabsky Group locked in $44.9 million to refinance its 96-unit Greenpoint rental property, which opened earlier this year, according to records filed with the city.

Berkadia Commercial Mortgage wrote a new Fannie Mae mortgage of $44.9 million on the asset, a spokesperson for the lender said.

Rabsky, led by Simon Dushinsky and Isaac Rabinowitz, built the seven-story, 88,000-square-foot property and began leasing earlier this year. The firm paid $12.7 million to Penguin Air Conditioning Corporation for the one-story industrial building on the site in 2014.

The project was Rabsky’s first foray into Greenpoint. The firm is very active in Williamsburg, and the majority of its work has been luxury rentals. It is also planning an office tower at 625 Fulton Street in Downtown Brooklyn and a 500-unit rental project at 10 Montieth Street as part of the Rheingold Brewery redevelopment in Bushwick. In June, the company entered into a contract to buy a 2.65-acre development site along the Williamsburg waterfront from Consolidated Edison for $50 million.

Representatives for Berkadia and Rabsky could not be immediately reached for comment.

Chava Gourarie contributed reporting.