New York

Philly investor buys stake in Toby Moskovits’ office project at 25 Kent

Deal values Williamsburg development at $130M

Toby Moskovits (Credit: Ashley Walker), David Rubenstein and a rendering of <a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/25-Kent-Avenue-Brooklyn-NY-11249/3022820001-0" target="_blank" data-address="25%20Kent%20Avenue%2C%20Brooklyn" data-label="25%20Kent%20Avenue" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F25-Kent-Avenue-Brooklyn-NY-11249%2F3022820001-0" data-bbl="3022820001" data-blockValue="02282" data-lotValue="0001" data-zipcode="11249" data-bldgArea="0" data-bldgDepth="0" data-bldgFront="0" data-landUse="Vacant%20land" data-lotArea="80%2C000" data-lotFront="200" data-lotDepth="400" data-retailArea="0" data-resArea="0" data-officeArea="0" data-garageArea="0" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="V1" data-primaryZoning="M1-2" data-commercialOverlay="" data-far="2" data-buildable="160%2C000" data-airRights="160%2C000" data-propertyNeighborhood="Greenpoint" data-latitude="40.7229553921693" data-longitude="-73.9578013226621" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F25-Kent-Avenue-Brooklyn-NY-11249%5C%2F3022820001-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F25-Kent-Avenue-Brooklyn-NY-11249%5C%2F3022820001-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener">25 Kent Avenue</a> (Credit: Lifang)

Toby Moskovits (Credit: Ashley Walker), David Rubenstein and a rendering of 25 Kent Avenue (Credit: Lifang)

Rubenstein Partners, a Philadelphia-based real estate investor, is buying a stake in Toby Moskovits’ 25 Kent Avenue, a 400,000-square-foot speculative office project in Williamsburg. Rubenstein’s deal for an undisclosed stake in the project values it at $130 million, Crain’s reported.

Moskovits struck a deal to take full control of 25 Kent in October, when she agreed to buy out former partners Yael Goldman and the Rabsky Group’s Simon Dushinksy. The block-long project, dubbed the Generator, is bounded by North 12th and North 13th streets, from Kent to Wythe avenues. Rubenstein is buying the stakes that belonged to Moskovits’ ex-partners, according to Crain’s, while she will retain an ownership interest in the project.

Moskovits bought the site in 2013 for $31.75 million, city records show, and is trying to persuade the city to allow her to use community space — typically mandated for medical, school, nonprofit or religious use — for offices and light manufacturing instead.

Rubenstein, founded by David Rubenstein, owns properties throughout the Northeast, with partners including Fortress Investment Group and Trinity Capital Advisors. The company operates a $515 million closed-end fund that is actively investing in commercial real estate. [Crain’s] — Ariel Stulberg

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New York

Philly investor buys stake in Toby Moskovits’ office project at 25 Kent

Deal values Williamsburg development at $130M

Toby Moskovits (Credit: Ashley Walker), David Rubenstein and a rendering of <a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/25-Kent-Avenue-Brooklyn-NY-11249/3022820001-0" target="_blank" data-address="25%20Kent%20Avenue%2C%20Brooklyn" data-label="25%20Kent%20Avenue" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F25-Kent-Avenue-Brooklyn-NY-11249%2F3022820001-0" data-bbl="3022820001" data-blockValue="02282" data-lotValue="0001" data-zipcode="11249" data-bldgArea="0" data-bldgDepth="0" data-bldgFront="0" data-landUse="Vacant%20land" data-lotArea="80%2C000" data-lotFront="200" data-lotDepth="400" data-retailArea="0" data-resArea="0" data-officeArea="0" data-garageArea="0" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="V1" data-primaryZoning="M1-2" data-commercialOverlay="" data-far="2" data-buildable="160%2C000" data-airRights="160%2C000" data-propertyNeighborhood="Greenpoint" data-latitude="40.7229553921693" data-longitude="-73.9578013226621" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F25-Kent-Avenue-Brooklyn-NY-11249%5C%2F3022820001-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F25-Kent-Avenue-Brooklyn-NY-11249%5C%2F3022820001-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener">25 Kent Avenue</a> (Credit: Lifang)

Toby Moskovits (Credit: Ashley Walker), David Rubenstein and a rendering of 25 Kent Avenue (Credit: Lifang)

Rubenstein Partners, a Philadelphia-based real estate investor, is buying a stake in Toby Moskovits’ 25 Kent Avenue, a 400,000-square-foot speculative office project in Williamsburg. Rubenstein’s deal for an undisclosed stake in the project values it at $130 million, Crain’s reported.

Moskovits struck a deal to take full control of 25 Kent in October, when she agreed to buy out former partners Yael Goldman and the Rabsky Group’s Simon Dushinksy. The block-long project, dubbed the Generator, is bounded by North 12th and North 13th streets, from Kent to Wythe avenues. Rubenstein is buying the stakes that belonged to Moskovits’ ex-partners, according to Crain’s, while she will retain an ownership interest in the project.

Moskovits bought the site in 2013 for $31.75 million, city records show, and is trying to persuade the city to allow her to use community space — typically mandated for medical, school, nonprofit or religious use — for offices and light manufacturing instead.

Rubenstein, founded by David Rubenstein, owns properties throughout the Northeast, with partners including Fortress Investment Group and Trinity Capital Advisors. The company operates a $515 million closed-end fund that is actively investing in commercial real estate. [Crain’s] — Ariel Stulberg

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