Posted May 15, 2026, 9:43 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
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https://therealdeal.com/new-york/2026/05/15/rabsky-buys-troubled-tribeca-development-site-for-30m/
Rabsky buys troubled Tribeca development site for $30M
Simon Dushinsky’s firm plans luxury condo project
By Elizabeth Cryan
May 15, 2026
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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.
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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.
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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.
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