The Real Deal New York

Rabsky to buy Fort Greene medical building for $100M

A 700K sf development could soon be in the works at 240 Willoughby Street
January 26, 2018 03:20PM

240 Willoughby Street (Credit: Google Maps)

Simon Dushinsky’s Rabsky Group is in contract to buy a large Fort Greene medical facility from the Brooklyn Hospital for $100 million.

The medical facility, known as the Maynard Building, is located at 240 Willoughby Street and includes 350,000 square feet of residential development rights, Crain’s reported. Rabsky is also in contract to purchase the hospital’s parking garage next door, which would come with additional rights totaling 700,000, according to one source who made an estimate for Crain’s. Any such new development would require a rezoning, however.

Cushman & Wakefield’s Bob Knakal is brokering the sale.

In nearby Downtown Brooklyn, Rabsky has enough development rights to build a 770,000-square-foot skyscraper at 625 Fulton Street. In Bushwick, the Williamsburg-based developer is redeveloping part of the site of the former Rheingold Brewery. Last fall, the City Council approved Rabsky’s plans to redevelop the Pfizer site in Williamsburg into an eight-building apartment complex. [Crain’s] — Will Parker