Rabsky Group, partner, seek increase to 106 units at Tribeca dev site
65 Franklin Street elevations (Credit - COOKFOX Architects via Department of City Planning)
The Rabsky Group and Spencer Equity Group yesterday filed an application with the New York City Department of City Planning seeking to increase the number of residential units in their project at 65 Franklin Street in Tribeca, Manhattan, from 89 to 106, as well as increase the overall size and height of the building, through a 25,145-square-foot air rights transfer from a Landmarked building across the street.
The increase, if approved the the City Planning Commission, is made possible by the City of Yes legislation, according to the application, 2025M0449, filed December 23, 2025. The filing asserts that the developers already own the air rights they seek to add to the development site. A city property record from September 2025 shows the Rabsky Group paid $3.6 million to the condominium at the Landmarked 161 Broadway. It’s unclear if that’s for all the air rights or just a portion.
An applicant files a uniform land use review process or ULURP proposal with the city’s Department of City Planning, which reviews it for completeness and then forwards it to the City Planning Commission for certification — the formal step that starts the public review clock. Simon Dushinsky of Rabsky Group, signed the ownership documents.
If approved, the change would later be reflected on the new building construction project the developers filed July 3, 2025, for an 89-unit, 235-foot-tall residential (R-2) building at 59 Franklin Street in Tribeca, Manhattan. The plan was filed with the New York City Department of Buildings under job number M01243425. Last month, Yimby reported on the most-recent plans prior to this application, with updated renderings from COOKFOX Architects.
The new plans include other changes, including adding retail to the second floor, not just the first as laid out in the DOB plans.
According to the application, the “Proposed Actions would facilitate construction of the Proposed Development, a mixed residential and commercial building that would contain approximately 235,893 square feet (“sf”) of floor area, including approximately 218,560 sf of residential floor area (providing approximately 106 dwelling units) and 17,333 sf of commercial floor area, with a maximum height of 293.75 feet.”
The property
The walkup building with 12 residential units in Tribeca 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. The most recent loan totaled $217.5 million and was provided by G4 Capital Partners on September 9, 2025.
Prior sales, articles and revenue
This property was sold by Bonjour Capital for $47.5 million to Sky Equity Group US, Rabsky Group, Spencer Equity Group on September 9, 2025.
The 48,180-square-foot property generated revenue of $2.1 million or $43 per square foot, according to the most recent income and expense figures.
Violations and lawsuits
According to city public data, the property has received one DOB violation and $4,500 in OATH penalties in the last year.
There were no lawsuits or bankruptcies filed against the property for the past 24 months.
The surrounding
Within a 400-foot radius of 358 Broadway, PincusCo identified 10 commercial real estate items of interests occurred over the past 24 months. Of those 10 items, four were sales above $5 million totaling $108.2 million. The most recent of the four was Peregrine 108 Leonard LLC which bought one condo unit in the 6,252-square-foot, 172-unit mixed-use building (RM) on 50 Lafayette Street for $21.4 million from Civic Center Community Group Broadway LLC on June 16, 2025. Of those 10 items, six were loans above $5 million totaling $434.3 million. The most recent of the six was Manhattan Skyline Management in which borrowed $25 million from JPMorgan Chase secured by the 139,697-square-foot, 151-unit rental (D6) on 336 Broadway on October 6, 2025.
Direct link to the property’s ACRIS page and link to DOB NOW portal.