Farallon, MCB, Fetner pay $210.5M to Rabsky for new 477-unit rental in Fort Greene, borrow $141.5M

Farallon Capital Management, MCB Real Estate, and Fetner Properties through the entity 240 Willoughby GL, LLC paid $210.5 million to Rabsky Group through the entity 240 Tenant LLC for the ground lease that controls the 477-unit residential elevator building (D5) at 240 Willoughby Street in Fort Greene, Brooklyn. The expected use is cash flowing. Montgomery Street Partners is the landlord.
The deal closed on July 8, 2025 and was recorded on July 22, 2025. The property has 379,683 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $554 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on May 3, 2022, for $75.7 million. The signatory for Rabsky Group was Simon Dushinsky . The signatory for Farallon Capital Management , MCB Real Estate , and Fetner Properties was P. David Bramble . Rabsky Group sold the property to Montgomery Street Partners for $75 million in December 2021, at the same time signing a 99-year ground lease as tenant with Montgomery Street Partners as the fee owning landlord.

The buyers financed the purchase with a $141.5 million acquisition loan from M&T Bank.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Farallon Capital Management purchased one property in one transaction for a total of $75 million and has no record it sold any properties over the past 24 months.
The seller Rabsky Group purchased two properties in two transactions for a total of $76.4 million and sold six properties in six transactions for a total of $40.1 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Windy Huggins, head officer and Paul Wong, officer. The business entity is Ashland Place Housing, Inc.

The property

The residential elevator building with 477 residential units in Fort Greene has 379,683 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 155 feet and is 193 feet deep with a total lot size of 30,744 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $31.1 million. The most recent loan totaled $108 million and was provided by Madison Realty Capital on February 21, 2025.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation, $2,500 in ECB penalties, and $2,500 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of three of the three commercial properties representing 581,195 square feet of the 581,195 square feet. The two identified owners are Brooklyn Hospital Center and Rabsky Group.
There are no active new building construction projects on this tax block.

The majority, or 85 percent of the 581,195 square feet of built space are specialty buildings, with industrial buildings next occupying 15 percent of the space.

The seller

The PincusCo database currently indicates that Rabsky Group owned at least 37 commercial properties with 5,082 residential units in New York City with 2,206,205 square feet and a city-determined market value of $320.1 million. (Market value is typically about 50% of actual value.) The portfolio has $2.8 billion in debt, with top three lenders as Madison Realty Capital, Bank Leumi, and Madison Realty Capital respectively. Within the portfolio, the bulk, or 82 percent of the 2,206,205 square feet of built space are elevator properties, with specialty properties next occupying 7 percent of the space. The bulk, or 81 percent of the built space, is in Brooklyn, with Queens next at 18 percent of the space.

The buyer

The PincusCo database currently indicates that Fetner Properties owned at least nine commercial properties with 1,232 residential units in New York City with 710,239 square feet and a city-determined market value of $156.2 million. (Market value is typically about 50% of actual value.) The portfolio has $88.5 million in debt, borrowed from Wells Fargo. Within the portfolio, the bulk, or 97 percent of the 710,239 square feet of built space are elevator properties, with industrial properties next occupying 1 percent of the space. They are all located in Manhattan.
The PincusCo database currently indicates that Farallon Capital Management owned at least one commercial property with 155 residential units in New York City with 169,386 square feet and a city-determined market value of $50.9 million. (Market value is typically about 50% of actual value.) The portfolio has $46.7 million in debt, borrowed from Brookfield Properties and Brookfield Asset Management. The portfolio consists of at least a single elevator property. It is located in Manhattan.

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