Tucker Reed’s new real estate consulting venture Totem is partnering with The Rabsky Group on its downtown Brooklyn office development at 625 Fulton Street.
Reed headed the business improvement district Downtown Brooklyn Partnership [TRDataCustom] until July. “We are very happy to work with Tucker on this project because he knows the Downtown Brooklyn community very well and they know him and he understands their needs,” a Rabsky spokesperson told the Commercial Observer.
Rabsky, headed by Simon Dushinsky and Isaac Rabinowitz, bought the development site from Forest City Ratner for $158 million in January 2016. Forest City had initially planned to build a residential tower but ultimately decided to sell.
As TRD reported in October, Rabsky is planning to build a 36-story tower spanning 570,000 square feet of office space and 40,000 square feet of retail in the building’s base. The company secured a $80 million loan from Bank Leumi to fund the acquisition.
In an August feature on business improvement districts, TRD reported that Reed’s views on new development while at the Partnership mirrored that of developers, who have outsized influence over BIDs.
Totem is also working with United American Land, among other clients, according to CO. [CO] — Konrad Putzier