Rabsky Exits Fort Greene Development with $210M Sale to Fetner JV
Rabsky Exits Fort Greene Development with $210M Sale to Fetner JV
Embedded Files
July 11, 2025 | New York City
Rabsky Group has sold its Fort Greene multifamily project at 240 Willoughby Street for $209.5 million as the building nears completion. The buyers—Fetner Properties, MCB Real Estate, and Farallon Capital—announced the acquisition Thursday, which includes the ground lease and was financed by a $141.5 million senior loan from M&T Realty Capital. At over $453,000 per unit, the 463-unit deal underscores ongoing investor appetite for Brooklyn’s rental market.
Leasing for the property kicked off around Memorial Day and is already off to a solid start, with about a quarter of the units leased, including 147 designated as affordable housing. The development offers studios to two-bedrooms and a generous 30,000 square feet of amenities like a fitness center, business lounge, yoga studio, pet spa, and even video game rooms.
Rabsky originally purchased the site from Brooklyn Hospital Center for $95 million in 2019 and later signed a 99-year ground lease after selling the land to Montgomery Street Partners for $75 million. JLL brokered both the sale and financing for the deal.
This marks another significant move in Fort Greene, where development activity is heating up. Just blocks away, Borough Developers recently secured a 99-year ground lease for an assemblage on Fulton Street to develop a mixed-use property with rentals and retail.
Page updated
Google Sites
Report abuse