Chetrit’s UES Condo Tower Development Moves Forward With Rabsky On Board
By Isabelle Durso November 19, 2024 4:50 pm
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Joseph Chetrit’s Chetrit Group has a new partner in his planned residential development on Manhattan’s Upper East Side.
Simon Dushinsky’s Rabsky Group is teaming up with the developer, taking a stake in Chetrit’s project and rounding out its capital stack. Sources familiar with the deal wouldn’t confirm Rabsky’s share.
The capital stack includes the $235 million construction loan Chetrit secured last year from G4 Capital Partners to build the 21-story, 54-unit luxury condominium tower at 259 East 72nd Street, as Commercial Observer previously reported.
Galaxy Capital’s Henry Bodek arranged the deal.
Now with Rabsky on board, the project is ready to roll and expected to be completed in as soon as a few years, The Real Deal first reported.
Chetrit and Dushinsky could not be reached for comment, while a spokesperson for G4 Capital did not immediately respond to a request for comment.
The planned 150,000-square-foot tower on the corner of Second Avenue and East 72nd Street will be built on the site of the former St. John the Martyr Rectory Church, which closed in 2015 and was razed in April 2020.
The development will also include 5,700 square feet of retail space, while a smaller apartment building next door will contain four affordable units, CO reported.
Chetrit had been accumulating properties for the project since 2015, including his purchase of the five-story, 28-unit multifamily building on the lot from SL Green Realty in 2018 for $47.2 million.
Now, much of the Second Avenue block will be demolished to make room for Chetrit’s new condo tower, just in time to coincide with the city’s subway extension planned for the avenue.
Isabelle Durso can be reached at idurso@commercialobserver.com.
