Yitzchok Katz, who runs the management firm for Simon Dushinsky’s Rabsky Group, has landed $100 million in financing for a newly purchased Boerum Hill development site and a project in Williamsburg.
The Goose Property Management CEO scored the financing from H.I.G. Realty Partners, according to public records. The loan is backed 575 Grand Street in Williamsburg and an assemblage of 268 Bergen Street, 273 Wyckoff Street and 287 Wyckoff Street.
Goose’s website identifies the company as a partner of Rabsky. The two businesses have the same Flushing Avenue address, and in 2021 Goose was managing 10 Rabsky buildings with 1,500 apartments. Sources said Katz’s father-in-law is Rabsky partner Isaac Rabinowitz.
Henry Bodek of Galaxy Capital arranged the financing.
H.I.G. Realty Partners, Rabsky Group and Goose Property Management did not immediately respond to requests for comment.
Two years ago, Goose acquired the property at 575 Grand Street from Tapps Supermarkets for $42.5 million. The developer used $86.7 million in acquisition and construction financing from Slate Property Group’s Scale Lending.
Goose’s plans at the former Key Foods supermarket site call for a 175,000-square-foot building with 186 apartments. Under the Affordable New York program, aka 421a, 30 percent of the units will be set aside for affordable housing.
Construction began and the Williamsburg project reached about halfway to its expected height a year ago, according to North Brooklyn Dispatch.
In Boerum Hill, Goose acquired the Bergen Street development site from Dillon Realty Interests for $40 million, Connect CRE reported last week. The 238,000-square-foot development site, just west of Third Avenue, was rezoned in 2022 from industrial use, so a rental project would have to comply with the city’s Mandatory Inclusionary Housing law.
Goose can build a 300-unit project across four buildings on the three lots, according to Crain’s. Ninety of the units would need to be affordable and the site can also have 9,600 square feet of retail and a 10,000-square-foot community center, according to the zoning resolution.
Katz bought the development site at 570 Fulton Street 14 months ago for $24 million, several weeks after filing plans to build a 22-story building with 105 apartments at 370 Livingston Street in Downtown Brooklyn. He also has projects in Astoria and Long Island City.
Read more
Commercial
New York
Rabsky Group buying bankrupt Crown Heights redevelopment for $19M
Development
New York
Developer plans 105 units in Downtown Brooklyn
Commercial
New York
Shuttered Williamsburg Key Food readies for multifamily dev