Yoel Goldman is in contract to sell a Gowanus development site for about $95 million to a partnership led by fellow Brooklyn heavyweight Rabsky Group, The Real Deal has learned.
Goldman’s All Year Management purchased the site at 313-331 Bond Street, which offers about 185,000 buildable square feet, for $61 million in July 2018. At the time, the developer secured $46 million in financing through Centennial Bank and Sherwood Equities. All Year is now selling the site to Rabsky for about $513 a foot, a significant premium above the $330 a foot it paid last year.
All Year could not be reached for comment, but late Tuesday night the company filed documents pertaining to the deal on the Tel Aviv Stock Exchange, where it has raised debt. The disclosures did not reveal the buyer, but sources familiar with the deal said it was Rabsky. The company, led by Simon Dushinsky and Isaac Rabinowitz, is a major player in Brooklyn, with projects including a piece of the Rheingold Brewery redevelopment in Bushwick and an eight-building development in South Williamsburg’s Broadway Triangle.
According to the TASE documents filed by All Year, Rabsky gave the company a $34 million deposit upon signing the contract on Feb. 26. Rabsky will pay a further $46 million upon the deal closing, slated for August. Rabsky will also have the option to cough up a further $15 million to complete the deal for a total of $95 million, or enter a partnership agreement with All Year that would see All Year retain a 12.5 percent stake in the site.
Earlier this month, Rabsky closed on the sale of a North Williamsburg rental building at 395 Leonard Street for $130 million to Denver-based real estate investment trust UDR, as TRD reported.