Rabsky Group signs $555M refi with Madison for 1,102 units in Fort Greene

Rabsky Group refinanced construction financing with new debt totaling $555 million from Madison Realty Capital, secured by two newly built rental buildings in Fort Greene, Brooklyn, with a total of 1,102 residential units. Of that loan total, $430 million was recorded, and all that recorded debt was subsequently assigned to a PIMCO fund.

For the recorded debt, Rabsky Group through the entity Fulton Realty Development LLC as borrower signed a refi loan with lender Madison Realty Capital through the entity 625 Fulton 1 LLC valued at $430 million for two residential elevator properties with 1,102 residential units including the 1,050-unit residential elevator building (D6) at 625 Fulton Street in Fort Greene, Brooklyn and the adjacent 52-unit residential elevator building (D3) at 12 Rockwell Place in Fort Greene, Brooklyn.

The Commercial Observer reported the entire loan package was $555 million.
The deal closed on April 11, 2025 and was recorded on May 1, 2025. The prior lender was Apollo Global Management and Madison Realty Capital which held recorded debt that had an original loan amount of $400 million.

The two buildings have 1,009,033 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $426 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 Shimon Dushinsky . The signatory for Madison Realty Capital was Urian Yap .

12 Rockwell Place was filed under job number 321600380, while the adjacent and and larger 625 Fulton Street was filed under job number 321583238.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received one DOB violation, $43,750 in ECB penalties, and $45,520 in OATH penalties in the last year.

The block

On the tax block of 625 Fulton Street, PincusCo has identified the owners of two of the three commercial properties representing 1,045,541 square feet of the 1,099,416 square feet. The two identified owners are Atlas Capital Group and Rabsky Group.

The borrower

The PincusCo database currently indicates that Rabsky Group owned at least 36 commercial properties with 5,030 residential units in New York City with 2,154,761 square feet and a city-determined market value of $320.1 million. (Market value is typically about 50% of actual value.) The portfolio has $2.4 billion in debt, with top three lenders as Bank Leumi, Madison Realty Capital, and Apollo Global Management respectively. Within the portfolio, the bulk, or 82 percent of the 2,154,761 square feet of built space are elevator properties, with specialty properties next occupying 8 percent of the space. The bulk, or 80 percent of the built space, is in Brooklyn, with Queens next at 19 percent of the space.

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