Stockbridge, 60 Guilders pay $71.85M to Rabsky Group, part of $143M deal

Stockbridge Capital Group and 60 Guilders paid $71.85 million to the Rabsky Group for two residential elevator buildings in Williamsburg, which were part of a $143 million sale. The first sale was recorded last week, these two properties are the second and third sales.

In the larger of the sales recorded yesterday, Stockbridge Capital Group and 60 Guilders through the entity Stockbridge 60g Driggs 220 Owner, LLC paid $51.3 million to the Rabsky Group through the entity North Plaza Owner LLC for the 64-unit residential elevator building (D3) at 208 North 10th Street in Williamsburg, Brooklyn.
The deal closed on December 22, 2022 and was recorded on January 3, 2023. The property has 73,850 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $694 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 Stockbridge Capital Group and 60 Guilders was Bastien Broda. The prior guarantors were Simon Dushinsky and Yadler Rabinowitz. The new guarantors are Bastien Broda and Kevin Chisholm.

In the second, Stockbridge Capital Group and 60 Guilders through the entity Stockbridge 60g Driggs 225 Owner, LLC paid $20.6 million to Rabsky Group through the entity 225 N9 LLC for 34-unit residential elevator building (D1) at 225 North 9th Street in Williamsburg, Brooklyn.
The deal closed on December 22, 2022 and was recorded on January 3, 2023.The property has 31,500 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $653 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.)

Prior sales and revenue

The seller Rabsky Group purchased four properties in two transactions for a total of $19.7 million and sold two properties in two transactions for a total of $146.5 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Simon Dushinsky, head officer and Yadler Rabinowitz, officer. The business entities are Goose Property Management Llc and North Plaza Holdings Llc. The 73,850-square-foot property generated revenue of $2.9 million or $39 per square foot, according to the most recent income and expense figures.

The property

The 208 North 10th Street parcel has frontage of 176 feet and is 100 feet deep with a total lot size of 17,600 square feet. The zoning is M1-2/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The property has a 421A exemption that started in 2013.0 and expires in 2028.0. The city-designated market value for the property in 2022 is $15.3 million. The most recent loan totaled $35.1 million and was provided by Berkadia Commercial Mortgage on April 27, 2020.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received one DOB violation and $50 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of five of the 12 commercial properties representing 266,422 square feet of the 299,121 square feet. The two identified owners are Robert Frenkel and Rabsky Group.

The majority, or 89 percent of the 299,121 square feet of built space are elevator buildings, with mixed-use buildings next occupying 8 percent of the space.

The seller

The PincusCo database currently indicates that Rabsky Group owned at least 30 commercial properties in New York City with 1,255,927 square feet and a city-determined market value of $236.3 million. (Market value is typically about 50% of actual value.) The portfolio has $1.3 billion in debt, with top three lenders as Bank Leumi, Berkadia Commercial Mortgage, and Goldman Sachs respectively. Within the portfolio, the bulk, or 78 percent of the 1,255,927 square feet of built space are elevator properties, with industrial properties next occupying 13 percent of the space. The bulk, or 68 percent of the built space, is in Brooklyn, with Queens next at 32 percent of the space.

The buyer

The PincusCo database currently indicates that 60 Guilders owned at least three commercial properties in New York City with 456,093 square feet and a city-determined market value of $122.5 million. (Market value is typically about 50% of actual value.) The portfolio has $115.5 million in debt, borrowed from Athene Annuity And Life Company. Within the portfolio, the bulk, or 54 percent of the 456,093 square feet of built space are specialty properties, with elevator properties next occupying 46 percent of the space. The bulk, or 77 percent of the built space, is in Manhattan, with Brooklyn next at 23 percent of the space.
The PincusCo database currently indicates that Stockbridge Capital Group owned at least two commercial properties in New York City with 271,062 square feet and a city-determined market value of $66.2 million. (Market value is typically about 50% of actual value.) The portfolio has $73.4 million in debt, borrowed from Wells Fargo. Within the portfolio, all identified are elevator properties. The bulk, or 61 percent of the built space, is in Manhattan, with Brooklyn next at 39 percent of the space.

Direct link to Acris document. link