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Broadway and Franklin site has been sold
A. sent a note early this morning and James commented: the 65 Franklin site, on the southeast corner of Broadway that has been vacant since the developer ditched in 2020, has been sold. The buyer, according to the Commercial Observer, is the Rabsky Group, and the price was $58 million. (The city’s finance site also shows three mortgages from late January, totaling 1.8 billion.) The site last changed hands in 2018 for $46 million.
I am pretty confident that this sale does NOT include the recently razed buildings: 59 Franklin and 358 Broadway, which were perfectly fine until they were compromised by the empty pit at 65. Those are part of a different development plan that is also stalled. But maybe these folks will acquire that as well.
The Real Deal calls the Rabsky Group owner, Simon Dushinsky, the “Alexander the Great of Brooklyn,” since he’s developed some of that borough’s biggest buildings, “And he’s done it all seemingly without institutional money.” Dushinsky is a rarity in modern-day New York real estate,” the story says. “He doesn’t hail from a dynastic real estate family. And, importantly, he continues to scale without a major financial blowup.”
The company has no website, but it does have its own construction arm, so the projects are carefully controlled. Let’s hope that bodes well for this site. Another positive: Tribecan and architect Eran Chen’s ODA is the architect for Dushinsky’s upcoming Fort Lauderdale projects.
The site was originally scheduled to be a 19-story, 41-unit residential tower called the Rebel (yes) and developed by HAP Investment Developers; they bought the site in 2018 for $46 million. Construction on the 210-foot building started in 2019, and the original schedule had them finishing in 2022; even now their website now says the project will be finished in 2024.
The project filed for the L-shaped building around 65 seems to also have stalled.
At least neighbors were able to needle the city enough to get the sidewalks restored for a bit — before this new developer no doubt takes them over again.
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I hope they do not combine the lots – we don’t need a huge building there. Also hope permitting takes at least a decade – the quiet has been so nice after years of enduring earth-shaking pounding that often felt like an all-day anxiety attack.
I really like it as an empty space.
There are 2 photos in this article- the first shows the two separate plots- the corner site (the subject of the story) and the “L” shaped separate site which is the result of having to demolish the former “L” shaped building because of damage caused by work on the corner site- after that both sites were stalled after all demolished. The second photo shows only the cleared original site, and a glimpse of the damaged “L” shaped building (which was subsequently demolished). Lets hope that the development of both sites will be an improvement to the neighborhood, and not a detriment
Just to clarify, I do not think the two buildings that are part of the L development were connected.
The larger plot has become a literal dumping ground since the scaffolding has been broken through. People are going in and out and dumping all sorts of things. What can be done about this? Such an eyesore and honestly very dangerous.
As of the week of 3/3 a crew has been at the site doing land/piling testing
I saw the site work happening as well. Surprisingly it was for 59 Franklin Street – not 65 Franklin Street. I am guessing that this site has been sold to Rabsky as well.