Rabsky Group has scooped up a Brooklyn development site for $158 million with the help of an $80 million acquisition loan from Bank Leumi, Real Estate Capital has learned based on city property records.
The seller of 625 Fulton Street, Forest City Ratner, had razed a seven-story, 360,000 sq ft office building at the site in 2013, later scrapping plans to build a residential tower in its place. It would have sat across from the developer’s 36-story residential building at 80 DeKalb Avenue, in Brooklyn’s Fort Greene neighborhood.
Forest City then set out to either sell the site or team up with a development partner back in October of 2014, at the time suggesting that it was worth $185 million.
The developer — notably co-developer with Greenland Group of the nearby $5 billion Pacific Park Brooklyn project — stated that the decision to sell was “related to our stated corporate commitment to our shareholders to shore up our balance sheet by enhancing liquidity and de-levering through strategic dispositions.”
Brooklyn-based Rabsky Group, headed by Simon Dushinsky and Isaac Rabinowitz, will have about 600,000 sq ft of buildable space to work with, according to published reports.
Bank Leumi, an Israeli bank whose New York City presence dates back five decades, named former HSBC executive Peter Dawson as head of New York middle-market banking last year; and former Smith Barney CEO Charles Johnston became chairman of its US board.