Rabsky Group Secures $485M Loan for Brooklyn Development

Rabsky Group Secures $485M Loan for Brooklyn Development

Elena Vargas
1 min read

Rabsky Group Secures $485 Million Loan for Brooklyn Multifamily Project

Rabsky Group has secured a significant $485 million loan from Madison Realty Capital to continue the development of a 35-story, 1,098-unit multifamily project at 625 Fulton Street in Downtown Brooklyn. Emphasizing the inclusion of a substantial number of affordable units, this project showcases the importance of mixed-income housing in addressing New York City's pressing housing crisis.

Key Takeaways

  • Rabsky Group secures $485 million loan for 1,098-unit multifamily project at 625 Fulton Street.
  • The project includes 30% affordable units under the expired 421a tax break.
  • Additional affordable units are provided through the Inclusionary Housing Program.
  • The development features 342 studios, 492 one-bedroom, and 264 two-bedroom units, plus retail space.
  • This project highlights the importance of mixed-income housing in addressing NYC's housing crisis.


The $485 million loan secured by Rabsky Group underscores the real estate boom in Downtown Brooklyn and emphasizes the urgent need for affordable housing. Despite the expired 421a tax break, the inclusion of affordable units aligns with city mandates and market demand. The strategic location of the project near public transit and educational institutions enhances its market appeal. Additionally, it contributes to job creation, economic stimulus, and long-term mixed-income community development, crucial for addressing NYC's housing crisis.

Did You Know?

  • Rabsky Group: A prominent real estate development company focusing on large-scale projects in New York City, specializing in residential and commercial properties.
  • 421a tax break: A now-expired New York City tax exemption program designed to incentivize new residential building construction by offering property tax reductions for a period of 10 to 25 years.
  • Inclusionary Housing Program: A city-wide initiative in New York that mandates or encourages the creation of affordable housing units in new residential developments, often in exchange for zoning or density bonuses.

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