47.8 F
New York
Thursday, March 28, 2024

Rabsky Considering 1st Hotel  Project at Site in S. Williamsburg

Related Articles

-Advertisement-

Must read

In South Williamsburg, along a stretch of Bedford Avenue, Pabsky Group has been purchasing multiple parcels, which it is considering turning into the developer’s first hotel project in the area, according to The Real Deal’s sources.

Isaac Rabinowitz and Simon Dushinsky head the development firm that has recently gone through a zoning lot merger and acquired development rights for a project at 359-365 Bedford Avenue, between South 4th and 5th streets.

TRD reports, “The developer is still weighing whether to develop the site as hotel or residential, or to add to the site with more acquisitions, sources said. Given the development rights and the properties Rabsky now owns, zoning on the site allows for more than 44,000 buildable square feet total for a residential building and 32,640 buildable square feet for a hotel. If the firm were to buy the buildings at 355 and 357 Bedford Avenue for example, the development could grow to 56,000 buildable square feet for residential and 41,840 buildable square feet for a hotel.”

A few years ago, active Brooklyn developer Rebsky started working to obtain the site. According to records, in 2014, a three-story residential-and-retail building at 359 Bedford Avenue was bought by the firm from investor Alfredo Crespo for just $800,000. Then in 2015, the three-story Pentecostal Church of God at 353 Bedford Avenue was bought for $2.5 million by Dushinsky.

In January, a transfer of air rights was secured by Dushinky for the development rights for a large portion of the block. According to TRD, “The rights are from the retail condo at the Rabsky-developed rental building the Garnett at 146 South 4th Street; the church at 353 Bedford; the vacant lot at 361 Bedford; and garage at 155 South 5th Street. The assemblage to date, including the development rights, covers 11 tax lots. Popular barbecue restaurant Briskettown, which leases the ground floor of 359 Bedford Avenue, announced Thursday it will shutter this weekend.”

On the restaurant website, its owner Dan Delaney wrote, “We fought for our lease, but ultimately, the group was intent on knocking down the building to develop on the property.”

A source close to the developer told TRD that Briskettown’s lease was about to expire and its renewal request was rejected. 

Also, set to be demolished is the building located at 353 Bedford, even though the new project will not likely run onto that site. The development rights document state that the building “is to be demolished in order to make available all of the development rights attributed thereto available for use and inclusion in developer’s new building.”

According to TRD, “Rabsky has largely focused on building rentals and condos in north Brooklyn, but also recently branched out in commercial development. The firm is constructing an office tower on Fulton Street in Downtown Brooklyn. Williamsburg, in particular, is seeing the brunt of the hotel inventory overload in Brooklyn. The 21-story William Vale hotel, developed by Zelig Weiss and Yoel Goldman’s All Year Management, was the latest high-profile one to open, in September.”

By Mark Snyder

balance of natureDonate

Latest article

- Advertisement -