Goose grabs $132M construction loan for expanded DoBro project

What’s good for the Goose is a construction loan for its Downtown Brooklyn development.

Yitzchok Katz’s Goose Property Management scored $132 million from Affinius Capital to build a multifamily project at 358 Livingston Street, according to a press release. Commercial Observer first reported the loan for the 297-unit development, which is slated for completion in late 2027.

Galaxy Capital’s Henry Bodek arranged the financing.

The project, between Flatbush Avenue and Nevins Street, will have studios, one- and two-bedroom apartments. Amenities will include a fitness center, boxing studio, sauna, children’s playroom, media lounge, coworking spaces and conference rooms. There will also be 5,000 square feet of commercial space on the ground floor.

An entity tied to Goose assembled the development site by buying 364 Livingston Street and 60 Flatbush Avenue for $25.5 million in 2022 from a group of investors including ISJ Management and Samuel Jemal’s Jemstone Group. Goose quickly filed plans to demolish the two apartment buildings and retail space at the site, which was zoned for commercial and residential use.

Last year, Katz filed plans for a 22-story, 186,000-square-foot project with 105 apartments at 370 Livingston Street. An updated filing shows two 22-story projects, at 370 and 372 Livingston Street, totaling 270,000 square feet, and another 93,000 square feet at 362 Livingston, plus alteration permits for 358 to 360 Livingston.

Goose did not comment to the Observer about the loan and did not respond to a request for comment from The Real Deal about its development plans.

Katz’s firm, which does property management for Simon Dushinsky’s Rabsky Group, has projects elsewhere in the city. Last month, a Goose limited liability company paid $22 million to acquire a vacant lot at 172 Third Avenue in Gowanus from Jack Elo’s Elo Organization. Katz is also in contract to buy an adjacent parcel with an industrial building, which would add to the assemblage.

Katz is said to be the son-in-law of Rabsky partner Isaac Rabinowitz.

— Holden Walter-Warner