Bonjour Capital sells Tribeca dev site to Sky Equity, Rabsky Group for $57M

Sky Equity Group US and Rabsky Group through the entity Sky 65 Franklin LLC paid $47.5 million to Bonjour Capital through the entity Franklin Broadway Holdings LLC for the development site (V1) at 358 Broadway in Tribeca, Manhattan, and through a second transaction paid an additional $9.5 million. The expected use is ground up development. The developers already own the corner parcel, purchased from HAP Investments for $57.6 million. The Bonjour Capital parcel wraps around the HAP Investments parcel.

To finance the purchase and construction, the developers borrowed $217.5 million from G4 Capital Partners.
On the site, Sky Equity Group US and Rabsky Group filed plans for an 89-unit, 171,684-square-foot building in July, under job number M01243425.
The new purchase closed on September 9, 2025 and was recorded on September 19, 2025. The property has 48,180 square feet of built space and 95,550 square feet of additional air rights for a total buildable of 95,550 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $986 and the price per buildable square foot is $497 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on April 2, 2012, for $12.7 million. The signatory for Bonjour Capital was Charles Dayan . The signatory for Sky Equity Group US and Rabsky Group was Shimon Dushinsky . The contract date was December 24, 2024.

In addition, the developers purchased $3.6 million worth of air rights from Himmel + Meringoff Properties.

The developers also paid Bonjour Capital an additional $9.5 million related to the transaction, but the document does not specify what it was for.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Sky Equity Group US had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Bonjour Capital had not purchased any other properties and sold five properties in five transactions for a total of $62 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Moses Berkovics, head officer. The business entity is Franklin Broadway Holdings Llc.

The property

The development building with 12 residential units in Chinatown has 48,180 square feet of built space and 95,550 square feet of additional air rights for a total buildable of 95,550 square feet according to a PincusCo analysis of city data. The parcel has frontage of 28 feet and is 175 feet deep with a total lot size of 9,555 square feet. The lot is irregular. The zoning is C6-4A which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $3,900 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, M01243425, for a 89-unit, 171,684 square-foot R-2 building. The project was submitted by Moshe Neiman and filed by Moshe Neiman with plans filed July 3, 2025 and it has not been permitted yet.

The neighborhood

In Chinatown, The bulk, or 36 percent of the 8.4 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 17 percent of the space. In sales, Chinatown has near average sales volume among other neighborhoods with $325.6 million in sales volume in the last two years and is the 28th highest in Manhattan. For development, Chinatown has had very little major development activity relative to other neighborhoods.It had 466,197 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the three commercial properties representing 449,155 square feet of the 449,155 square feet. The largest owner is City Of New York, followed by Rabsky Group and then Bonjour Capital.
On the tax block, there were two new building construction projects totaling 248,951 square feet. The largest is a 89-unit, 171,684 square-foot residential (R-2) building submitted by Moshe Neiman and filed by Moshe Neiman with plans filed July 3, 2025 and it has not been permitted yet. The second largest is a 41-unit, 77,267 square-foot residential (R-2) building submitted by HAP Investments and filed by Monzer Khafagy with plans filed July 25, 2018 and it has not been permitted yet.

The majority, or 89 percent of the 449,155 square feet of built space are specialty buildings, with walkup buildings next occupying 11 percent of the space.

The seller

The PincusCo database currently indicates that Bonjour Capital owned at least three commercial properties with 327 residential units in New York City with 393,604 square feet and a city-determined market value of $116.7 million. (Market value is typically about 50% of actual value.) The portfolio has $198.7 million in debt, borrowed from Greystone & Co. and NewPoint Real Estate Capital. Within the portfolio, the bulk, or 88 percent of the 393,604 square feet of built space are elevator properties, with walkup properties next occupying 12 percent of the space. The bulk, or 83 percent of the built space, is in Manhattan, with Brooklyn next at 17 percent of the space.

The buyer

The PincusCo database currently indicates that Rabsky Group owned at least 37 commercial properties with 4,605 residential units in New York City with 2,083,039 square feet and a city-determined market value of $304.7 million. (Market value is typically about 50% of actual value.) The portfolio has $2.9 billion in debt, with top three lenders as Madison Realty Capital, Bank Leumi, and Madison Realty Capital respectively. Within the portfolio, the bulk, or 87 percent of the 2,083,039 square feet of built space are elevator properties, with industrial properties next occupying 7 percent of the space. The bulk, or 79 percent of the built space, is in Brooklyn, with Queens next at 19 percent of the space.

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