Morris Meisels pays $7M to Rabsky Group for rental units in Williamsburg

Morris Meisels through the entity Mf Gerry Holdings LLC paid $7 million to Rabsky Group through the entity Wallabout Realty Corp. for the commercial condominium unit G2 composed of rental apartments at 342 Wallabout Street in Williamsburg, Brooklyn. The expected use is cash flowing.
The deal closed on January 22, 2025 and was recorded on February 18, 2025. The property, unit G2, is a multi-unit collection of apartments on the third and fourth floors with a total of 6,764 square feet, resulting in a price per foot of $1,035 per foot.
The signatory for Rabsky Group was Michael Levi. The signatory for Morris Meisels was Orlee Fishkin. The contract date was September 9, 2024. Morris Meisels is CEO of Quest Staffing Solutions

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Morris Meisels purchased one property in one transaction for a total of $10 million and sold one property in one transaction for a total of $13.3 million over the past 24 months.
The seller Rabsky Group purchased two properties in two transactions for a total of $76.4 million and sold one property in one transaction for a total of $7.6 million over the same time period.

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.

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 five of the five commercial properties representing zero square feet of the zero square feet. The identified owner is Rabsky Group.
On the tax block, there were five new building construction projects totaling 672,317 square feet. The largest is a 120-unit, 159,860 square-foot residential (R-2) building submitted by Rabsky Group and filed by Rafael Rabinowitz with plans filed April 28, 2021 and permitted December 23, 2021. The second largest is a 60-unit, 133,619 square-foot residential (R-2) building submitted by Rabsky Group and filed by Rafael Rabinowitz with plans filed April 14, 2021 and permitted April 25, 2023.

All properties are specialty.

The seller

The PincusCo database currently indicates that Rabsky Group owned at least 31 commercial properties with 2,946 residential units in New York City with 1,966,119 square feet and a city-determined market value of $287.6 million. (Market value is typically about 50% of actual value.) The portfolio has $2.2 billion in debt, with top three lenders as Bank Leumi, Madison Realty Capital, and Apollo Global Management respectively. Within the portfolio, the bulk, or 88 percent of the 1,966,119 square feet of built space are elevator properties, with industrial properties next occupying 8 percent of the space. The bulk, or 80 percent of the built space, is in Brooklyn, with Queens next at 20 percent of the space.

The buyer

The PincusCo database currently indicates that Morris Meisels owned at least four commercial properties with three residential units in New York City with 16,185 square feet and a city-determined market value of $4.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 71 percent of the 16,185 square feet of built space are office properties, with C0 properties next occupying 22 percent of the space. They are all located in Brooklyn.

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