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
Director of the New York City Department of City Planning and Chair of the City Planning Commission Marisa Lago. (NYC gov, Getty)

Gowanus rezoning on hold — for now

Gowanus rezoning on hold — for now
Union Square Park to gain 2 acres in $100M plan (Getty_

Union Square Park to gain 2 acres in $100M plan

Union Square Park to gain 2 acres in $100M plan
Kirk Goodrich, president of Monadnock Development, is opposed to the bill sponsored by Bran Lander. (Getty, Monadnock Development)

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers
TF Cornerstone President Frederick Elghanayan with 2-10 54th Avenue and 55-01 Second Street in Long Island City (Google Maps)

The 10 biggest new project filings in NYC

The 10 biggest new project filings in NYC
Neil Shekhter (Shekhter by Kevin Scanlon; iStock)

Santa Monica mega-portfolio officially hits market

Santa Monica mega-portfolio officially hits market
A rendering of 250 Water Street and Howard Hughes Corporation CEO David O'Reilly (SOM; Getty; iStock)

Howard Hughes’ Seaport project dealt major blow

Howard Hughes’ Seaport project dealt major blow
arrow_forward_ios

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

Loading...