Rabsky Group pays $17.2M to City of New York for development rights in Dumbo

The Rabsky Group through the entity 69 Adams LLC paid $17.2 million to City of New York for air rights for the developer’s 225-unit project at 69 Adams Street in Dumbo, Brooklyn.
The deal closed on October 28, 2021 and was recorded on November 5, 2021.

The signatory for City of New York was Vicki Been. The signatory for Rabsky Group was Simon Dushinsky.
(B00565465) Plans for a 225-unit residential building R-2 were filed on August 9, 2021.
This is the sale of 98,446 of development rights which comes to $174 per foot.
Within a 400-foot radius of 61 Adams Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Two Trees Management borrowed $36 million from Wells Fargo secured by the 123,700-square-foot, 104-unit rental (D5) on 65 Washington Street and three other properties on December 4, 2019.

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