Rabsky Group signs $32M refi loan with Cross River Bank for office in Williamsburg

Rabsky Group through the entity 103 North 13th Street LLC as borrower signed a refi loan with lender Cross River Bank valued at $32 million for the office building (O6) at 103 North 13th Street in Williamsburg, Brooklyn.
The deal closed on June 5, 2026 and was recorded on June 15, 2026. The prior lender was Deutsche Bank which held debt that had an original loan amount of $41.5 million.The property has 62,779 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $509 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 owner bought the property on June 2, 2014, for $8.2 million. The signatory for Rabsky Group was Shimon Dushinsky . The signatory for Cross River Bank was Shimon Eisikowicz .

Prior sales, articles and revenue

The 62,779-square-foot property generated revenue of $2.5 million or $41 per square foot, according to the most recent income and expense figures.

The property

The office building in Williamsburg has 62,779 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 125 feet and is 99 feet deep with a total lot size of 12,500 square feet. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $13.7 million. Cross River Bank on June 5, 2026 bought a loan with an original principal of $41.5 million from Deutsche Bank signed by James Angoff , secured by 103 North 13th Street, when owned by Rabsky Group .

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 received $2,000 in OATH penalties in the last year.

Development

On the lot, there was a major alteration construction project, 321957977, for a 59,986 square-foot office (B) building. The project was submitted by Simon Dushinsky with plans filed April 30, 2019 and permitted November 21, 2019.

The neighborhood

In Williamsburg, The bulk, or 39 percent of the 50.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 25 percent of the space. In sales, Williamsburg has the 6th highest sale turnover among other neighborhoods in the city with $2.1 billion in sales volume in the last two years. For development, Williamsburg is the most active neighborhood among other neighborhoods. It had 42.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 84 percent of the neighborhood’s built space. There were 360 pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of five of the seven commercial properties representing 88,694 square feet of the 111,563 square feet. The largest owner is Rabsky Group, followed by Goldie Reisman and then Double U Realty .
On the tax block, there were four new building construction projects totaling 225,493 square feet. The largest is a 136,925 square-foot business (B) building submitted by Double U LLC and filed by Jay Weitzman with plans filed November 8, 2018 and it has not been permitted yet. The second largest is a 38,813 square-foot 56 building submitted by Double U Realty and filed by Michael Weitzman with plans filed March 7, 2024 and permitted August 23, 2024.

The majority, or 74 percent of the 111,563 square feet of built space are office buildings, with retail buildings next occupying 18 percent of the space.

The borrower

The PincusCo database currently indicates that Rabsky Group owned at least 62 commercial properties with 4,230 residential units in New York City with 2,300,378 square feet and a PincusCo-determined asset value of $2.9 billion. The portfolio has $3.5 billion in debt, with top three lenders as JPMorgan Chase , Madison Realty Capital , and Bank Leumi respectively. Within the portfolio, the bulk, or 78 percent of the 2,300,378 square feet of built space are elevator properties, with industrial properties next occupying 6 percent of the space. The bulk, or 78 percent of the built space, is in Brooklyn, with Queens next at 17 percent of the space.

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