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625 Fulton Street Update 09/09/21

Funding Acquired for 625 Fulton Street Development

The Rabsky Group has just received a $450 million construction loan from Madison Realty Capital for 625 Fulton Street; a 1.8 million square foot, mixed-use development in Downtown Brooklyn. The building will have 902 residential units (30% affordable), over 700,000 sqft of office space, 60,000 sqft of retail, a multi-level parking garage, and a 640-seat public elementary school. Commenting on the loan, Josh Zegen, a Managing Principal and co-founder at Madison Realty Capital stated, “Downtown Brooklyn is an ever-expanding neighborhood, and new multifamily housing options, particularly of this caliber, will be quickly absorbed.” Josh also commented, “We are glad to support a property under development that will offer significant affordable housing options.” 625 Fulton is currently under construction in the excavation stage. Work is expected to finish in 2023.

 

 

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