Joseph Chetrit, Simon Dushinsky Join on UES Condo Project

Real estate titans Joseph Chetrit and Simon Dushinsky are joining forces to build a Manhattan condo.

Dushinsky’s Rabsky Group is partnering with Chetrit on an Upper East Side project, according to a source.

It will mark Rabsky’s first entrance into the high-end condo market in Manhattan. Dushinsky has dominated Brooklyn and recently ventured into Florida.

Chetrit has secured a $235 million construction loan from G4 Capital to build the condo, a 21-story, 53-unit tower at 259 East 72nd Street. It could be completed in a few years.

The condominium will likely cater to families on the Upper East Side, similar to Naftali Group’s condo projects at 255 East 77th Street and The Henry at 211 West 84th Street.

The latest rendering for Chetrit and Rabsky’s project shows a change in the design. A previous version shows a boxy, rectangular building, but a new depiction shows the tower with setbacks mirroring other residential high-rises in the area.

Galaxy Capital’s Henry Bodek arranged the deal, bringing in Rabsky as an equity partner and G4 Capital as the lender.

Chetrit Group started buying parcels for the project in 2015. Chetrit paid SL Green $47.3 million for a lot that year. G4 previously provided a $116.5 million bridge-to-construction loan for the site.

Chetrit and Dushinsky are silent giants in New York City real estate. Chetrit parlayed his fortune from the textile business into real estate, building an empire across the U.S. Last year Chetrit ranked as the largest residential builder in New York City with 2,156 units under construction, according to an analysis by The Real Deal.

Chetrit is media-shy, but Dushinsky keeps an even lower profile. The South Williamsburg-based developer’s firm ranked fifth on The Real Deal’s most recent list of developers in New York City, behind major players including Silverstein Properties and Extell Development.

Rabsky is constructing a 35-story, 1,100-unit rental building in Downtown Brooklyn at 625 Fulton Street. Dushinsky is also seeking to build two residential high-rises in Downtown Fort Lauderdale.