Rabsky Group sold its nearly completed 463-unit development at 240 Willoughby Street in Fort Greene, Brooklyn, to a joint venture of Fetner Properties, MCB Real Estate, and Farallon Capital for $209.5 million. The buyers assumed the property’s ground lease and secured $141.5 million in acquisition financing from M&T Realty Capital. The building includes 147 affordable units and launched leasing around Memorial Day. Rabsky previously secured a $72 million construction loan from Slate Property Group. Amenities span 30,000 square feet. JLL brokered both the sale and financing. The site was originally purchased from Brooklyn Hospital Center for $95 million in 2019.
Rabsky Group
