Rabsky Group received a $200 million refinancing package from Berkadia Commercial Mortgage. Berkadia Commercial Mortgage provided financing for the residential developer’s Rheingold Brewery site in Bushwick. In 2014, Simon Duhinsky, owner of the Rabsky Group, paid $53 million to purchase the Rheingold Brewery site.
In the package is a $62.4million mortgage, according to property records filed with the city on Tuesday. The building, completed in 2018, has rent ranging from $2400 for an Alcove Studio to $3850 for a Penthouse. Its estimated market price tag is $56.9 million, more than double the previous year’s estimate of $23.2 million.
The Rheingold is a 500-unit residential complex. It sits in the crosshairs of Bushwick Ave. and Stanwix St. on 10 Montieth St.
The development plans at the Rheingold Brewery site began over six years ago. Community Board 4 voted and approved the proposal to rezone sections of the site from M-1 to R-6 and from M-3 to M-1. “It was an emotional meeting because everyone present recognized that Bushwick will be changed profoundly by this development, but most saw it as a chance we could not turn down,” Deborah Brown, Community Board 4 member wrote to Bushwick Daily in an email.
The development had 100 units on their affordable housing lottery through NYC Housing Connect in 2018. Preference for 50 percent of its affordable housing units went to residents of Brooklyn Community Board 4.
ODA New York, headed by Eran Chen, designed the building while the interior design was by Durukan Design. The complex rises 8 floors and boasts several amenities: pet spas, art studios, a game room, and more. In its courtyard is a fire pit and a mini amphitheater. James Hawver, a real estate agent, called the Rheingold an “urban oasis” on StreetEasy.
The $200 million refinancing package comes as the Rabsky Group paid $95 million for 313-331 Bond Street in Gowanus from All Year Management.
Cover image rendering of The Rheingold, courtesy of ODA.
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