Pacific Urban pays $82.5M to Rabsky for 113-unit rental, retail in Williamsburg

Pacific Urban Investors paid $82.5 million to the Rabsky Group for a 113-unit rental building with retail at 146 South 4th Street in Williamsburg, Brooklyn, in two transactions.

In the first, Pacific Urban Investors through the entity Garnett Brooklyn LLC paid $72.6 million to Rabsky Group through the entity South 4th Owner 1 LLC for the 113-unit rental condo at 146 South 4th Street in Williamsburg, Brooklyn. The expected use is cash flowing.
The deal closed on July 24, 2025 and was recorded on August 4, 2025. The property has 89,603 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $810 per the PincusCo analysis.

In the second, Pacific Urban Investors through the entity Garnett Brooklyn LLC paid $9.9 million to Rabsky Group through the entity South 4th Owner 1 LLC for the retail condo at 146 South 4th Street in Williamsburg, Brooklyn. The expected use is cash flowing.
The deal closed on July 24, 2025 and was recorded on August 4, 2025. The property has 18,383 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $538 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 signatory for Rabsky Group was Simon Dushinsky . The signatory for Pacific Urban Investors was Andrea Cu and Robert H. Kennis . The contract date was June 5, 2025.

Pacific Urban Investors financed the acquisition with a $41.2 million loan from Newmark’s Berkeley Point Capital.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Pacific Urban Investors purchased two properties in two transactions for a total of $310.5 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 seven properties in seven transactions for a total of $250.6 million over the same time period.

The property

The rental condo with 113 residential units in Williamsburg has 89,603 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 89,603 square feet. The property has a 421A exemption that started in 2013 and expires in 2028. The city-designated market value for the property in 2022 is $17 million.

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

For the tax lot building, it received its initial certificate of occupancy on December 16, 2013. 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 six of the 10 commercial properties representing 150,712 square feet of the 155,740 square feet. The largest owner is Lightstone Group, followed by Shlomo Karpen and then Mordechai Halberstam.
On the tax block, there was one new building construction project filed totaling 64,390 square feet. It is a 216-unit, 64,390 square-foot hotel/dormitory/shelter (R-1) building submitted by Lightstone Group and filed by David Duvoisin with plans filed May 12, 2017 and permitted February 5, 2021.

The majority, or 40 percent of the 155,740 square feet of built space are hotel buildings, with walkup buildings next occupying 28 percent of the space.

The seller

The PincusCo database currently indicates that Rabsky Group owned at least 36 commercial properties with 4,605 residential units in New York City with 2,044,360 square feet and a city-determined market value of $302.6 million. (Market value is typically about 50% of actual value.) The portfolio has $2.6 billion in debt, with top three lenders as Madison Realty Capital, Bank Leumi, and Madison Realty Capital respectively. Within the portfolio, the bulk, or 89 percent of the 2,044,360 square feet of built space are elevator properties, with industrial properties next occupying 7 percent of the space. The bulk, or 79 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 Pacific Urban Investors owned at least one commercial property with 188 residential units in New York City with 186,779 square feet and a city-determined market value of $50 million. (Market value is typically about 50% of actual value.) The portfolio has $56 million in debt, borrowed from Fannie Mae. The portfolio consists of at least a single elevator property. It is located in Brooklyn.

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