Rabsky secures $45M refi for new Greenpoint rental

Berkadia Commercial Mortgage is the lender for the building at 26 West Street

TRD New York /
Aug.August 23, 2017 12:05 PM

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.


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

250th Issue

The Real Deal celebrates 250 issues

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

56 Leonard Street (Credit: iStock)

He invested more than $130M into 4 Manhattan condos. Now he’s taking a hit

Due to relatively high income levels and low transportation costs, New York City is the eight most affordable of 20 major cities (Credit: iStock)

NYC is the 8th most affordable big city in America*

53 West 53rd Street, 885 Park Avenue, 70 West 45th Street (Credit: StreetEasy)

Five priciest homes to hit the market last week all over $22M

118 East 76th Street and Developer Joseph Chetrit (Credit: Google Maps and Getty Images)

Manhattan luxury home market off to worst start in seven years

Mayor Bill de Blasio (Credit: Getty Images)

De Blasio to test brokers, owners for housing discrimination

arrow_forward_ios
Loading...