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Yitzchok Katz’s contract for 172 Third Avenue
A photographic rendering of 172 Third Avenue (Getty, Google Maps)
Enigmatic developer Yitzchok Katz takes over a Gowanus site.
An entity similar to Katz’s Goose Property Management entered into a contract to acquire the vacant lot at 172 Third Avenue from the Elo organization, according to asset records. No value was disclosed in a memorandum of understanding filed with the city.
The contract, first reported through PincusCo, was signed in March 2023 and Katz has until Oct. 15 to close the deal, according to the memo.
The 100- to 100-foot site is located on the giant segment of Gowanus rezoned in late 2021 to allow for further residential development. The rezoning sparked a boom in multifamily projects that accelerated thanks to the state’s extension of the 421a final touch deadline to 2031 and the passage of a successor tax break, 485x, last month.
Elo bought the assets in 2009 for $7. 8 million and submitted plans for a 20,000-square-foot construction in 2017, according to PincusCo. It secured a $21. 5 million loan for assets in 2021.
Katz is CEO of Goose Property Management, the holding company of Simon Dushinsky’s Rabsky Group. Goose’s identifies the company as a wife of Rabsky’s. The two companies have the same deal on Flushing Avenue and Goose controlled 10 Rabsky buildings with 1,500 apartments in 2021.
Katz’s is Isaac Rabinowitz, Rabsky’s partner, the appeals say.
Katz did not respond to a request for comment. You may simply not contact Elo for comment.
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