Rabsky Group recently closed on $450 million in construction financing to complete 625 Fulton Street, a mixed-use high rise building in Downtown Brooklyn. Financing is provided by Madison Realty Capital and was negotiated by Galaxy Capital.
625 Fulton Street
Excavation work has begun at 625 Fulton Street, site of a proposed 941-foot tall, 79-story mixed-use skyscraper in Downtown Brooklyn. Designed by Skidmore Owings & Merrill and developed by Rabsky Group, which purchased the site for $158 million, the 1.8-million-square-foot project is planned to yield a mix of offices, residential units, retail space, an elementary school, and a public plaza. The property is located between Fulton Street to the south, Hudson Avenue to the west, DeKalb Avenue to the north, and Rockwell Place to the east.
One of Brooklyn’s largest new developments has been proposed along Flatbush Avenue, at 625 Fulton Street, which could rise 941 feet to its rooftop. The site is a large trapezoidal piece of land just steps away from JDS Development’s 9 DeKalb Avenue. A major rezoning plan has been put forth that could potentially bring close to 1,800,000 gross square feet of mixed-use development to the nearly 89,000 square foot property, measuring about two acres in size. The site is bounded by Fulton Street to the south, Hudson Avenue to the west, DeKalb Avenue to the north, and Rockwell Place to the east.
Over a year ago, Forest City Ratner placed their Downtown Brooklyn development site, at 625 Fulton Street, on the market, and now Rabsky Group has agreed to purchase the property for $158 million, according to Commercial Observer. The site contains 600,000 square feet of development rights, and a residential tower is most likely, although plans for the site remain undisclosed. Until last year, the site was home to a seven-story, 359,000 square-foot office building.
NYU Greenwich Village Expansion [Crain’s New York]: The New York State Supreme Court has given New York University the green light to construct their planned 1.9 million square-foot project in Greenwich Village; multiple buildings are to…