Rabsky Group buying Gowanus parcel from Yoel Goldman for $95M: sources

Brooklyn heavyweights strike deal for 313 Bond St.

New York /
Feb.February 27, 2019 06:30 AM

313-331 Bond Street in Gowanus (Credit: Google Maps)

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.


Related Articles

arrow_forward_ios
Mack Real Estate Group's Richard Mack and JPMorgan's Jamie Dimon with a rendering of 123 Melrose Street (Credit: Getty Images and ODA Architecture)
Yoel Goldman sews up long-term funds for Rheingold Brewery Project
Yoel Goldman sews up long-term funds for Rheingold Brewery Project
Bondholders accuse Yoel Goldman’s All Year Management of breaching securities law in suit
Bondholders accuse Yoel Goldman’s All Year Management of breaching securities law in suit
Bondholders accuse Yoel Goldman’s All Year Management of breaching securities law in suit
Atlas Hospitality Managing Member Raj Guru and Vinod Chand with 711 Seventh Avenue (Atlas, Google Maps)
Atlas plans 401-room hotel at 711 Seventh Avenue
Atlas plans 401-room hotel at 711 Seventh Avenue
Nearly $10M settlement for “cooked” SF condo owners
Nearly $10M settlement for “cooked” SF condo owners
Nearly $10M settlement for “cooked” SF condo owners
Soho’s zoning madness, such as artists-only lofts and a ban on ground-floor retail, may finally change with a proposed rezoning.
The shopping district that banned retail: Soho’s incoherent zoning
The shopping district that banned retail: Soho’s incoherent zoning
L&L Holding’s David Levinson and Columbia Property Trust's Nelson Mills with a rendering of 261 11th Avenue (L&L, Columbia Property Trust, Terminal Warehouse)
L&L, Columbia Property Trust land $1.3B loan for Chelsea office project
L&L, Columbia Property Trust land $1.3B loan for Chelsea office project
Towns and cities have begun restricting housing construction to save their supply of H2O. (iStock)
“Why are we building houses if we don’t have enough water?”: Towns react to scarcity
“Why are we building houses if we don’t have enough water?”: Towns react to scarcity
(iStock)
Locals: Put housing, not warehouses, on landfill site
Locals: Put housing, not warehouses, on landfill site
arrow_forward_ios

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

Loading...