Pacific Urban Buys 146 South Fourth Street in Brooklyn for $73M
By Mark Hallum August 5, 2025 4:54 pm
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Pacific Urban Investors is deploying funds a long way from its namesake coastline after buying a condominium building in Williamsburg, Brooklyn.
The Palo Alto, Calif.-based investment firm bought a luxury housing development The Garnett, with the address of 146 South Fourth Street, from Simon Dushinsky’s Rabsky Group for $72.6 million in its second purchase in the borough over the past year, according to property records.
Pacific Urban bought the 113-unit property with a $41.2 million loan from Berkeley Point Capital, which also provided an initial loan to the Rabsky Group of $193 million when it first acquired the property, according to public records.
“Investment economics have improved remarkably over the past few years in the city and demand characteristics have remained extremely favorable resulting in compelling yields and high occupancies. The combination of these two results in an investment that fits squarely within Pacific’s mandate to provide growing and durable cash flows to our investors while preserving a value proposition for our residents,” John Fluke, managing director of investments for Pacific Urban said in a statement. “Additionally, changes to New York’s 421a program should result in some incremental headwinds to new supply, further bolstering the operating fundamentals of existing assets, and adding to that durability of income.”
The Rabsky Group could not be reached for comment.
Pacific bought another multifamily property, at 88 Richardson Street in Williamsburg, for $127.5 million in January, and bought 130 West 15th Street in Manhattan’s Chelsea in a joint venture with the California Public Employees Retirement System for over $180 million in August 2023.
Dushinsky has also been active in Brooklyn recently with the July $340 million refinancing of 313 Bond Street through his other firm, Sky Equity Group, and the $209.5 million sale of 240 Willoughby Street to Fetner Properties, MCB Real Estate and Farallon Capital Management reported just a few weeks before that.
Mark Hallum can be reached at mhallum@commercialobserver.com.
