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60 Guilders gobbles up Rabsky’s Williamsburg spread for $143M

Multifamily portfolio has 211 units across three properties

A photo illustration of 60 Guilders co-founder Kevin Chisholm and 205 North Ninth Street in Williamsburg (Getty, Google Maps, 60 Guilders)
A photo illustration of 60 Guilders co-founder Kevin Chisholm and 205 North Ninth Street in Williamsburg (Getty, Google Maps, 60 Guilders)

Bastien Broda and Kevin Chisholm’s 60 Guilders is closing the year by opening a new chapter for the firm: outer-borough multifamily deals.

The firm purchased a three-property multifamily portfolio in Williamsburg from the Rabsky Group for $143.3 million, according to a LinkedIn post reported by the Commercial Observer.

The three buildings, located between Roebling Street and Driggs Avenue, feature a combined 211 multifamily units and ground-floor retail space. The firm is assuming $103 million of debt on the buildings.

About half of the debt is on The Driggs, a 113-unit, 112,000-square-foot building at 205 North 9th Street. Customers Bank refinanced and consolidated a Fannie Mae loan on the property a year ago — the property holds roughly $52 million in debt.

The seven-story building at 225 North 9th Street received a $14.5 million loan from Berkadia Commercial Mortgage in 2019. The six-story building at 220 North 10th Street, meanwhile, secured a $36.7 million loan from the same lender in 2020.

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Rabsky completed construction on the buildings in 2011, securing a tax abatement through the now-defunct 421a program for the Driggs. The rental at 225 North 9th Street was notable for the installation of built-in iPod docks in all 34 apartments when it opened, though that offering quickly grew outdated.

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Broda and Chisholm’s 60 Guilders has dabbled in the multifamily market before, but not in the outer boroughs. The firm has four Manhattan multifamily properties listed in its portfolio, three of which are in Midtown East.

Instead, 60 Guilders has been primarily focused on office properties. Vornado Realty Trust struck a deal in May to sell the Center Building office property in Long Island City to a partnership led by 60 Guilders for $173 million. The property — purchased by Vornado in 2015 for $142 million — is nearly fully leased to government agencies, which pose little relocation risk.

The firm last year bought a Downtown Brooklyn office property at 12 Metrotech Center for $128 million, partnering with hedge fund Davidson Kempner on the acquisition.

— Holden Walter-Warner

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