A Downtown Brooklyn project has changed hands for the third time in a decade — and is getting bigger.
Simon Dushinsky’s Rabsky Group and Joel Gluck’s Spencer Equity Group took over the long-term ground lease at 356 Fulton Street from Gary Barnett’s Extell Development in a $39 million deal, property records show.
The frequent partners picked up the site, plus two neighboring parcels and air rights, in a $56 million deal, according to a filing on the Tel Aviv Stock Exchange, where Gluck has raised multiple rounds of debt financing. They intend to purchase more air rights in the coming weeks, per the filing.
The pair plan to develop a massive residential project with about 200 condos, 299 rental units and 20,000 square feet of commercial space at a cost of about $400 million, per the TASE filing. Valley National Bank provided a $31.5 million loan for the purchase, which was first reported by PincusCo.
The development is down the street from another massive mixed-use project Dushinsky and Gluck are building at 625 Fulton Street. That 35-story, two-tower project
has 1,098 units and retail space.
The Brooklyn site has changed hands multiple times in recent years. In 2015, the Feil Organization acquired the three-story building at the site from Capital One for $43 million, then pieced together a seven-parcel development site. In 2021, Feil submitted plans for a 363-unit residential building. The plans called for 421 apartments, 30 percent of them affordable under the 421a program.
After permits were approved, Extell signed a long-term $85.9 million ground lease with Feil in 2022, signifying that Barnett’s firm would take over the project. Demolition was nearly complete at the end of that year, according to New York YIMBY.
It’s unclear why Barnett decided to exit the project. Representatives for Extell, Rabsky and Gluck did not immediately respond to requests for comment. A spokesperson for Feil declined to comment.
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