Simon Dushinsky’s Rabsky Group and Joel Gluck’s Spencer Equity Group acquired the long-term lease at 356 Fulton Street from Gary Barnett’s Extell Development in a $39 million deal, property records show.
The frequent partners acquired the site, plus two adjacent 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. According to the filing, they plan to purchase more air rights in the coming weeks.
The pair plan to develop a massive residential project with about 200 apartments, 299 rental units and 20,000 square feet of commercial space at a cost of about $400 million, according to the TASE filing. Valley National Bank provided a $31.5 million loan for the purchase, which was first reported by PincusCo.
The development is just down the street from another major mixed-use project that Dushinsky and Gluck are building at 625 Fulton Street. That 35-story project with two towers
has 1,098 units and retail space.
The Brooklyn location has changed hands several times in recent years. In 2015, the Feil Organization acquired the three-story building at the Capital One site for $43 million and subsequently cobbled 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 which would be affordable under the 421a program.
After permits were approved, Extell signed an $85.9 million long-term lease with Feil in 2022, meaning Barnett’s firm would take over the project. According to the report, demolition was nearly complete by the end of that year YIMBY from New York.
It is unclear why Barnett decided to leave 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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