A troubled Tribeca development site has finally traded hands, eight years after first hitting the market.
The Rabsky Group snapped up the development site at 267 Broadway for $30 million, with plans for a luxury mixed-use condominium project, The Real Deal has learned. The Roe Corporation had been marketing the property since 2018 as a development site with approved plans for a 45-story condominium-and-hotel tower overlooking City Hall Park.
JLL’s Ethan Stanton, Teddy Galligan and Brett Baskin brokered the deal.
The 131,000-square-foot site, home to a five-story Art Deco mixed-use building between Warren and Chambers streets, has sat vacant since before the pandemic as the owners pursued a sale. Roe has owned the building since 1976, according to property records.
But the property ran into financial trouble in 2023 when Roe defaulted on the $25 million mortgage. Then the lender, Signature Bank, collapsed a couple of months later, throwing its loan into limbo.
Rialto, through a joint venture tapped by the FDIC to service the Signature Bank loans, started servicing the debt in early 2024 and Roe received a notice of maturity default soon after. The joint venture filed to foreclose on the loan in October 2024 and the property went into receivership the next year.
In court filings, Roe alleged it secured a buyer in 2024, but claimed the joint venture blocked approval of the deal.
The acquisition adds to Rabsky’s rapidly-growing footprint. Simon Dushinsky’s firm has become one of Brooklyn’s most prolific developers and is increasing its presence in Manhattan. A few blocks north of 267 Broadway, Rabsky recently filed plans for a 24-story, 106-unit project at 65 Franklin Street.
That site also has a long history of litigation, and Rabsky was able to increase the scope of that development thanks to the City of Yes zoning reforms.
Rabsky did not immediately respond to a request for comment. The brokers declined to comment.
Read more
Tribeca site primed for mixed-use tower hits the market
15 and counting: Rialto files to foreclose on another Signature Bank borrower
Blackstone, Rialto’s $1.2B bid wins Signature CRE loan deal
