Simon Dushinsky is gearing as much as fill in a pit.
The Rabsky Group filed plans for a 24-story, 106-unit mission at 65 Franklin Road in Tribeca, Crain’s reported. The parcel on the nook of Franklin Road and Broadway is already excavated, however has sat empty and earned a rep as a neighborhood eyesore.
Dushinsky’s agency beforehand proposed a 20-story, 89-unit mission on the positioning, alternately addressed as 360 Broadway. However Rabsky was in a position to enhance the scope of the event because of the Metropolis of Sure zoning reforms.
Final summer time, Rabsky locked down $320 million in development financing for the ground-up mission, acquiring the debt from G4 Capital Companions. The newest submitting doesn’t point out if Rabsky is constructing leases or condominiums, however earlier reporting factors to the latter.
Dushinsky didn’t reply to the publication’s request for remark.
The assemblage was previously within the arms of HAP Investments, the agency led by Eran Polack, which deliberate a 19-story, 41-unit rental on the positioning. HAP picked up the land in 2018 for $46 million and spent years contemplating a mission that by no means acquired off the bottom.
The agency bought 360 Broadway to Rabsky in March for $57.6 million, setting the stage for a reinvention of the positioning. Rabsky additionally purchased the parcel subsequent door in September for $47.5 million, in addition to 25,000 sq. toes of air rights above 67 Franklin Road for $3.6 million.
The positioning has a sordid historical past of litigation. Charles Dayan’s Bonjour Capital managed 59 Franklin Road by means of an LLC, which sued HAP Investments and Noble Development Group, claiming negligent work at 65 Franklin Road destabilized the constructing. He was in search of at the least $15 million.
Bonjour as soon as filed plans to construct an 18-story, 89,000-square-foot constructing with 89 luxurious leases at 59 Franklin.
Elsewhere within the metropolis, Rabsky and Joel Gluck’s Spencer Fairness Group not too long ago took over the long-term floor lease at 356 Fulton Road in Downtown Brooklyn from Gary Barnett’s Extell Growth in a $39 million deal.
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