Galaxy Developers pays $3.5M for dev site in Williamsburg

Galaxy Developers, an affiliate of Rabsky Group, through the entity 100 Rut LLC paid $3.5 million to Aron Ostreicher through the entity 100 Rutledge LLC for the development site (V0) at 100 Rutledge Street in Williamsburg, Brooklyn. The expected use is ground up development.

On the lot, there is one active new building construction project, B01236903, for a four-unit, 11,234 square-foot residential (R-2) building. The project was submitted by Galaxy Developers as an affiliate of Rabsky Group and filed by Rafael Rabinowitz with plans filed June 24, 2025 and permitted December 17, 2025.

The deal closed on February 4, 2026 and was recorded on February 12, 2026. The property has zero square feet of built space and 7,290 square feet of additional air rights for a total buildable of 7,290 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $480 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 April 18, 2024, for $3.1 million. The signatory for Aron Ostreicher was Aron Ostreicher. The signatory for Galaxy Developers was Rafael Rabinowitz . The contract date was February 4, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Galaxy Developers had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Aron Ostreicher had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 30 feet and is 100 feet deep with a total lot size of 3,000 square feet. 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 $348,000.

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 not received any significant violations in the last year.

The neighborhood

In Williamsburg, The bulk, or 39 percent of the 50.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 25 percent of the space. In sales, Williamsburg has the 6th highest sale turnover among other neighborhoods in the city with $2 billion in sales volume in the last two years. For development, Williamsburg is the 2nd most active neighborhood among other neighborhoods. It had 42.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 84 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the seven commercial properties representing 7,470 square feet of the 46,386 square feet. The two identified owners are Shimon Brach and Express Builders.
On the tax block, there were two new building construction projects totaling 25,380 square feet. The largest is a four-unit, 14,146 square-foot residential (R-2) building submitted by Leo Klein with plans filed June 28, 2019 and it has not been permitted yet. The second largest is a four-unit, 11,234 square-foot residential (R-2) building submitted by Rabsky Group and filed by Rafael Rabinowitz with plans filed June 24, 2025 and permitted December 17, 2025.

The majority, or 62 percent of the 46,386 square feet of built space are retail buildings, with mixed-use buildings next occupying 38 percent of the space.

The seller

The PincusCo database currently indicates that Aron Ostreicher owned at least one commercial property with 48 residential units in New York City with 58,675 square feet and a city-determined market value of $7.6 million. (Market value is typically about 50% of actual value.) The portfolio has $5.2 million in debt, borrowed from CPC Mortgage Company. The portfolio consists of at least a single elevator property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Galaxy Developers owned at least two commercial properties in New York City with 0.0 square feet and a city-determined market value of $1.2 million. (Market value is typically about 50% of actual value.) The portfolio has $15.5 million in debt, borrowed from Levon Capital. Within the portfolio, the bulk, or 0 percent of the 0.0 square feet of built space are development properties, with V1 properties next occupying 0 percent of the space.

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