The Rabsky Group and Spencer Equity through the entity Fulton Realty Development LLC as borrower signed a first mortgage new construction loan with lender Madison Realty Capital through the entity 625 Fulton 1 LLC valued at $275 million at 625 and 635 Fulton Street in Downtown Brooklyn. The entire loan package is $450 million, according to the Commercial Observer.
The deal closed on September 3, 2021 and was recorded on September 23, 2021.
The project will have 1,098 residential units on top of a retail base.
The signatory for Rabsky Group was Simon Dushinsky.
The loan was arranged by Galaxy Capital’s Henry Bodek.
Within a 400-foot radius of 625 Fulton Street, Pincusco identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, two were in new building development. There were two new building permit applications. The most recent of these two items was a filing on August 30, 2021 for a 199,736-square-foot R-2 building with 123 residential units at 570 Fulton Street.
Of those four items, two were sales above $5 million totaling $81 million. The most recent of the two was Rockrose Development which bought five condo units in the 605-square-foot, 31-unit mixed-use building (RM) on 1 Rockwell Place and 29 other properties for $19.0 million from One Rockwell Place condominium on April 21, 2020.
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