R
eal estate moguls Joseph Chetrit and Simon Dushinsky are teaming up to build a luxury condo on Manhattan's Upper East Side. Rabsky Group, led by Dushinsky, is partnering with Chetrit on the project, marking its first entry into Manhattan's high-end condo market. The 21-story, 53-unit tower at 259 East 72nd Street will cater to families in the area, similar to other upscale condos nearby.

    Chetrit secured a $235 million construction loan from G4 Capital to fund the development. The project is expected to be completed within a few years. A recent design change shows the tower with setbacks, mirroring other residential high-rises in the area. Galaxy Capital's Henry Bodek arranged the deal, bringing Rabsky on board as an equity partner and G4 Capital as the lender.

    Chetrit Group has been acquiring parcels for the project since 2015, including a $47.3 million purchase from SL Green that year. Chetrit is known for his media-shyness, but Dushinsky keeps an even lower profile. Rabsky Group ranked fifth on The Real Deal's list of top developers in New York City last year, behind major players like Silverstein Properties and Extell Development.

    The partnership between Chetrit and Dushinsky marks a significant move into Manhattan's luxury condo market for both developers. Chetrit has dominated the Brooklyn market and recently ventured into Florida, while Rabsky Group is constructing a 35-story rental building in Downtown Brooklyn and seeking to build two residential high-rises in Fort Lauderdale.