NEW YORK | Rubenstein Partners Assemblage | FT | FLOORS

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Rubenstein Partners putting together
full-block assemblage in Williamsburg

The developer behind the one of the biggest office projects in Williamsburg, a neighborhood whose fortunes are tied to the vagaries of the L train, is making another big bet on the area.

Rubenstein Partners is putting together a block-sized assemblage where the company could develop an office-and-light-manufacturing building that could be 50 percent larger than its signature development just a few blocks away at 25 Kent Avenue, sources told The Real Deal.

The Philadelphia-based company has four separate “option” contracts with property owners who collectively control the entire block bounded by Meserole and Wythe avenues and Banker and Gem streets near the Williamsburg and Greenpoint border, property records filed with the city show.

The “option” part of the deal, sources told TRD, is most likely an agreement to purchase the properties based on the buildable square footage Rubenstein can negotiate for the site through the city’s Uniform Land Use Review Process.

Rubenstein’s assemblage currently has about 233,500 buildable square feet as of right. But when the developer joined Toby Moskovtiz’ Heritage Equity Partners in 2015 to work on 25 Kent, they were able to secure a rezoning that tripled the size of its project to 500,000 square feet.

That could put Rubenstein’s newest project somewhere in the area of 730,000 square feet, based on rough math. Sources said development sites in the area have been trading for between $200 and $300 per square foot, which could put the purchase north of $200 million.

The developer’s option on the site expires in September 2023.

A representative for Rubenstein Partners did not immediately respond to a request for comment.

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TRD