Simon Dushinsky’s Rabsky Group has submitted plans for a new 24-story building at 65 Franklin Street in Tribeca, according to Crain’s. The project will include 106 units and is located on a parcel at the corner of Franklin Street and Broadway that has been excavated but left undeveloped for some time.
Previously, Rabsky had proposed a smaller, 20-story development with 89 units at the site, also known as 360 Broadway. The firm was able to expand its plans after the City of Yes zoning reforms allowed for increased density.
In summer of last year, Rabsky secured $320 million in construction financing from G4 Capital Partners for this project. Although the latest filing does not specify whether the units will be rentals or condominiums, earlier reports suggest they are likely to be condos.
Dushinsky did not respond to requests for comment regarding the new filing.
The site was previously owned by HAP Investments, led by Eran Polack. HAP had planned a 19-story condominium with 41 units after purchasing the land in 2018 for $46 million. However, those plans did not materialize and HAP sold the property to Rabsky in March for $57.6 million. Later in September, Rabsky acquired an adjacent parcel for $47.5 million and bought air rights above nearby 67 Franklin Street for $3.6 million.
The area has seen legal disputes related to previous development attempts. Charles Dayan’s Bonjour Capital once controlled neighboring 59 Franklin Street through an LLC and filed suit against HAP Investments and Noble Construction Group over alleged destabilization caused by work at 65 Franklin Street. The lawsuit sought damages of at least $15 million.
Bonjour Capital had also proposed its own residential project nearby: an 18-story building with about 89 luxury rental units at 59 Franklin Street.
Separately, Rabsky Group and Joel Gluck’s Spencer Equity Group recently assumed control of a long-term ground lease at 356 Fulton Street in Downtown Brooklyn from Extell Development as part of a $39 million deal.
