An affiliate of powerhouse developer Rabsky Group filed plans for two residential projects in Bed-Stuy totaling 197 units, marking a new conquest.
Rafael Rabinowitz filed two plans with the Department of Buildings to construct a 99-unit project at 1150 Broadway and a 98-unit project at the neighboring 1164 Broadway. Both buildings will be 11 stories, records show. The architect is Kao Hwa Lee Architects
PincusCo first reported the news.
The projects, if completed, will mark another example of how developers are building rental projects in the wake of the state’s passage of the 485-x tax abatement.
The 485-x tax incentive provides tax cuts for developments that include affordable housing, but triggers higher wages for workers for projects slated to be larger than 100 units. To get around the wage mandate, builders are constructing 99- or 98-unit buildings.
Rabinowitz and Rabsky are not listed as the owners of the properties in public records. The acquisition has not closed, but is expected to in the coming months, according to an attorney representing the new owners.
The deal has been in the works since earlier this year. In February, a $3 million mortgage held by Bank of Hope was assigned to an entity connected to the buyers.
Rabinowitz’s HSD Construction is a Williamsburg-based firm that consistently ranks among the most active residential developers in New York City. It recently secured a $765 million loan from JPMorgan to refinance its 1,102-unit development at 625 Fulton.
Read more
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