After years of sitting vacant and tied up in court fights, 267 Broadway in Tribeca has finally changed hands, with the Rabsky Group paying $30 million for the long-troubled site. The deal gives the prolific Brooklyn developer a rare toehold in Manhattan and clears a major hurdle for whatever gets built next on this high-profile block.
Rabsky picked up the 131,000‑square‑foot site, a five‑story Art Deco mixed‑use building between Warren and Chambers streets, for $30 million, as reported by The Real Deal. JLL brokers Ethan Stanton, Teddy Galligan and Brett Baskin arranged the sale, capping a years-long effort by longtime owner Roe Corporation to find a buyer.
Legal Tangle That Preceded the Sale
The property’s slide into distress started when Roe defaulted on a roughly $25 million mortgage. The loan eventually landed in FDIC custody after Signature Bank collapsed in 2023, turning 267 Broadway into yet another asset caught in the fallout.
A foreclosure case followed, along with the appointment of a temporary receiver in 2025 to protect the building, according to Justia. Industry coverage also noted that a Blackstone‑led venture with Rialto and partners was brought in to manage Signature’s commercial loan pool in late 2023, leaving many of those loans in limbo while servicers sorted through the portfolio, according to CoStar News.
Rabsky’s Manhattan Push
The Tribeca buy is the latest sign that Rabsky is looking well beyond its Brooklyn base. The firm previously scooped up the nearby 65 Franklin/360 Broadway parcel in early 2025, according to Commercial Observer, and has been steadily adding new Manhattan projects to its pipeline.
What Comes Next
Rabsky did not immediately respond to requests for comment, and the brokers kept quiet as well, The Real Deal reports. Roe had been marketing the property since 2018 with previously approved plans for a 45‑story condo and hotel project. Rabsky’s move sets the stage for a fresh development play at the site, whether that means dusting off the old plans or dialing in a new, more market-friendly version.
