Rabsky Group gets $120M construction loan from Bank Leumi in East Williamsburg

The Rabsky Group through the entity Harrison Realty II LLC as borrower signed a loan agreement with lender Bank Leumi valued at $120 million for 4 parcels, including the tax class land zoned residential, except not Manhattan below 110th Street (V0) at N/A Union Avenue, N/A Walton Street, N/A Wallabout Street, and N/A Union Avenue in East Williamsburg. The deal closed on March 2, 2021 and was recorded on March 9, 2021.

This is a new construction loan with the total debt of $160 million. Bank Leumi added a gap building loan for $79.66 million and a $19.8 million project loan to a $20 million building loan and $20.5 million land loan already provided. The last time the property sold was July 31, 2012 for $12,750,000.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.

There has been at least one new building permit application. Those plans include a total of 65 residential units.

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