[chris08876]

I wouldn't say this "parcel" is canceled just yet. Something may spring up again down the line, but for now, this is crappy news.

= = = = = = = = = = = = =

Rabsky shelves plans for DoBro office tower

Rabsky Group is no longer moving ahead with plans for an office tower at the Downtown Brooklyn site it bought for $158 million, sources told The Real Deal.

The developer bought the site at 625 Fulton Street, which allows for a 625,000-square-foot project as-of-right, from Forest City Ratner in January. It then tapped Eran Chen’s ODA New York to design a 35-story office building. No renderings of the project were released, however, and sources said Monday that Rabsky has decided not to go ahead with the project for now.

The site is zoned for both residential and commercial. Forest City tore down the seven-story office building there in 2013, with plans to construct a residential tower. The real estate investment trust first sought a development partner, but ultimately decided to dispose of the property.
The former building on the site housed such tenants as the Department of Motor Vehicles and the Internal Revenue Service.

The purchase was Rabsky’s largest to date. The Williamsburg-based developer, led by Simon Dushinsky and Isaac Rabinowitz, secured an $80 million acquisition loan from Bank Leumi at the time of the closing in January.

The project also marked the residential-centric developer’s move into office development. Other than the office-and-retail conversion project at 101 Varick Avenue in East Williamsburg and a former minority stake in the early stages of the ground-up Williamsburg office project at 25 Kent Avenue, Rabsky does not have a track record of building office product.

=========================
http://therealdeal.com/2016/10/03/ra...-office-tower/