Rabsky Group Buys Vacant Tribeca Lot From HAP Investments for $58M
By Isabelle Durso February 13, 2025 12:42 pm
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Rabsky Group has purchased a vacant Tribeca lot previously set to have a residential development on it for $57.6 million, according to city records made public Wednesday.
The Brooklyn-based Rabsky, through the entity Sky 65 Franklin, bought the 0.2-acre lot at 360 Broadway, or 65 Franklin Street, from HAP Investments, which used the entity 65 Franklin, according to records.
Simon Dushinsky, co-owner of Rabsky, signed for the buyer, while HAP CEO and co-founder Eran Polack signed for the seller, records show.
It’s unclear who brokered the deal. A spokesperson for HAP did not immediately respond to a request for comment, while a spokesperson for Rabsky could not be reached for comment. Crain’s New York Business first reported the news.
HAP, which bought the property on the corner of Broadway and Franklin Street in 2018 for $46 million, originally planned to build a 19-story, 41-unit apartment building called the Rebel on the site, Crain’s reported.
The project never came to fruition due to several delays and became an eyesore for the neighborhood. It also faced a fate similar to HAP’s former development at 4452 Broadway in Washington Heights, where the company had attempted to build a seven-story, 129-unit building, according to Crain’s.
Lender Madison Realty Capital eventually purchased 4452 Broadway for $26.5 million through a bankruptcy sale in September, as Commercial Observer previously reported.
It’s unclear what Rabsky’s plans are for its new Tribeca site, but the developer has been active lately in residential developments.
That includes Rabsky’s 604-unit project at 395 Carroll Street and 313-325 Bond Street in Gowanus, Brooklyn, and its massive 1,098-unit multifamily apartment complex in Downtown Brooklyn at 625 Fulton Street.
Isabelle Durso can be reached at idurso@commercialobserver.com.
