Rabsky Group signs $765M refi for 1,102-unit complex in Fort Greene, as previously reported

The Rabsky Group signed a $765 million refinance for the 1,102-unit complex in Fort Greene, a deal which has been previously reported. In city records recorded Friday, JPMorgan Chase reported it had provided a $600 million loan, which is the senior debt, but the documents did not mention mezzanine debt or other financing. City loan documents rarely mention debt other than senior debt secured by the real estate.

For the senior loan, Rabsky Group through the entity Fulton Realty Development LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $600 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 deal closed on April 1, 2026 and was recorded on April 17, 2026. The prior lender was PIMCO which held debt that had an original loan amount of $430 million. The two properties have 1,009,033 square feet of built space and 113,306 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $594 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 Simon Dushinsky . The signatory for JPMorgan Chase was John Spears . Total debt is $765M according to reports.

Madison Realty Capital originally provided a $400 million construction loan in 2021, then added $30 million to that in 2025, then sold the debt to PIMCO.

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Simon Dushinsky, head officer and Reuben Alvarado, site manager. The business entities are Bushburg properties Inc and Fulton Realty Development Llc.

The Promote reported on April 1, 2026 that Rabsky Group borrowed $765 million from JPMorgan Chase for 625 Fulton Street. The borrower-side brokers were Henry Bodek of Galaxy Capital.

Commercial Observer reported on April 1, 2026 that Rabsky Group borrowed $765 million from J.P. Morgan Chase for 625 Fulton Street,Brooklyn,NY. The lender-side brokers were Michelle Herrick. The borrower-side brokers were Henry Bodek of Galaxy Capital.

The Real Deal reported on April 2, 2026 that Rabsky Group borrowed $765 million from JPMorgan Chase for 625 Fulton Street, Brooklyn, NY. The lender-side brokers were Henry Bodek of Galaxy Capital.

The property

The city-designated market value for the property in 2022 is $119.2 million. JPMorgan Chase on April 1, 2026 bought a loan with an original principal of $430 million from PIMCO signed by Matthew Michalovsky , secured by 625 Fulton Street and 12 Rockwell Place, when owned by Rabsky Group .

Transaction Participants

Noam Haberman at Gibson, Dunn & Crutcher LLP participated in the transaction on behalf of JPMorgan Chase.

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 $1,280 in ECB penalties and $3,250 in OATH penalties in the last year.

Development

On these lots, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 802,327 square feet. The largest, 321600380, is a new building project for a 52-unit, 764,352 square-foot R-2 building submitted by Rabsky Group and filed by Simon Dushinsky with plans filed April 29, 2021 and permitted October 31, 2022. The second largest, 321583238, is a new building project for a 37,975 square-foot B building submitted by Rabsky Group and filed by Simon Dushinsky with plans filed June 14, 2017 and permitted March 31, 2025.

The block

On the tax block of 625 Fulton Street, PincusCo has identified the owners of three of the three commercial properties representing 1,099,416 square feet of the 1,099,416 square feet. The two identified owners are Atlas Capital Group and Rabsky Group.
On the tax block, there were two new building construction projects totaling 802,327 square feet. The largest is a 52-unit, 764,352 square-foot residential (R-2) building submitted by Rabsky Group and filed by Simon Dushinsky with plans filed April 29, 2021 and permitted October 31, 2022. The second largest is a 37,975 square-foot business (B) building submitted by Rabsky Group and filed by Simon Dushinsky with plans filed June 14, 2017 and permitted March 31, 2025.

All properties are elevator.

The borrower

The PincusCo database currently indicates that Rabsky Group owned at least 60 commercial properties with 4,621 residential units in New York City with 2,271,378 square feet and a city-determined market value of $2.7 billion. (Market value is typically about 50% of actual value.) The portfolio has $2.9 billion in debt, with top three lenders as Madison Realty Capital, Bank Leumi, and Madison Realty Capital respectively. Within the portfolio, the bulk, or 79 percent of the 2,271,378 square feet of built space are elevator properties, with industrial properties next occupying 6 percent of the space. The bulk, or 79 percent of the built space, is in Brooklyn, with Queens next at 17 percent of the space.

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