Brooklyn Hospital has agreed to sell the Maynard building to real estate development firm Rabsky Group for roughly $100 million, Crain’s reported.
The Maynard building is located at 240 Willoughby St, in the Ft Green section of Brooklyn and can accommodate about 350,000 square feet to be used for residential development.
Brooklyn Hospital is the oldest in Brooklyn and has been in operation for over 170 years. They have always had a campus of buildings on the western edge of Fort Greene Park, stretching from DeKalb Avenue to Willoughby Street and running along Ashland Avenue. The Maynard building represents a little less than half of the compound the institution occupies.
Rabsky is one of the most prolific residential developers in the borough, Crain’s N.Y points out. It recently won city approval to rezone the Pfizer site in Brooklyn’s Broadway Triangle for a 1 million-square-foot residential complex with more than 1,000 units. It is also building more than 1,400 units on the former Rheingold Brewery site in the rapidly developing Bushwick section of Brooklyn.
The hospital meanwhile plans on using the proceeds from the $100 million deal to update their facilities and update existing space.
Brooklyn Hospital has already signed a lease to relocate medical facilities and offices out of the Maynard Building to a recently developed property nearby, at 620 Fulton St. The hospital took about 70,000 square feet, according to real estate agent Robert Hebron.
Rabsky Group is a Brooklyn-based residential developer headed by Simon Dushinsky and his partner Isaac Rabinowitz, according to the Real Deal. The company has become one of the biggest residential developers in both Brooklyn and Queens. Dushinsky was born and raised in Israel and currently lives in the Vizhnitz Hasidic community in Williamsburg.
He formed Rabsky Group in the early 1990s to develop condos for the Hasidic community, according to released company information. They have expanded into much larger and upscale areas, mainly upscale rental and condominium projects. The conversion of the former Rheingold brewery us one of their biggest projects ever; combined with a proposed building at 249 Wallabout Street, will amount to over 1,500 units.
Brooklyn Hospital was founded in May of 1845 as was originally called Brooklyn City Hospital. It is a 464-licensed bed, full-service community teaching hospital located in Downtown Brooklyn. The hospital is affiliated with the Mount Sinai Health System. The hospital serves a diverse population from a wide range of ethnic backgrounds
By Murray Goldstein