Rabsky Group borrows $15.8M from State Bank of Texas in Fort Greene

The Rabsky Group through the entity 625 Fulton A LLC as borrower signed a loan agreement with lender State Bank of Texas for $15.8 million for 2 parcels at 625 Fulton Street and 633 Fulton Street in Fort Greene. The deal closed on September 30, 2020 and was recorded on October 19, 2020.
The property has 748,867 square feet of available development rights.
The average loan per buildable square foot is $167.
This loan is a piece of a larger $125 million loan Bank Leumi provided in late 2019. This portion was split from that and assigned to the State Bank of Texas. The last time the property sold was January 13, 2016, for $158,000,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 365 residential (or hotel) units on August 30, 2012.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 37,975 square feet.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link