This dynamic period in American history saw real estate values swing from new lows in 1966 to new heights by 1979.
Real estate prices rose dramatically during the 1980s.
On Monday, October 19, 1987 stock markets around the world plunged. A year after "Black Monday," real estate prices dropped due to oversupply, the savings and loan crisis, and the impact of the Tax Reform Act of 1986.
A lack of market liquidity caused real estate values to plunge. The technology bubble burst in 2000. Pressure from the government for banks to sell bad loans created buying opportunities.
The housing bubble burst, preceding the financial crisis of 2007-2008, also known as the Great Recession. Real estate prices collapsed and then stagnated.
Real estate values in primary cities increased sharply.
This interactive timeline of our history features a selection of our transactions across the years and business cycles.
After immigrating to the United States, Zrubavel and Thia Rabina purchased and sold properties throughout New York City. At the time of their retirement, their portfolio consisted of two properties, one of which the Rabina family still owns today. The other property was recently sold and is being repositioned as a residential development.
Mickey Rabina became active in the real estate business in the late 1970s. He formed Rabina Properties and purchased rent-regulated multi-family buildings (totaling over 350,000 square feet) on the Upper West Side of Manhattan. Active management resulted in improved occupancy rates and dramatic increases in rents and NOI. Rabina successfully monetized the value it created as the market was peaking.
By 1987, Rabina Properties had sold approximately half its portfolio to capitalize on an extraordinarily frothy market. With patience and discretion, Rabina awaited clarity before re-entering the market, making only opportunistic purchases during this time.
During this very productive period, Rabina purchased institutional quality core assets, large asset portfolios, and portfolios of distressed debt. The Rabina portfolio expanded geographically across the United States and into retail, industrial, and commercial properties. Rabina's ventures resulted in relationships with some of the nation’s foremost developers and investors.
Anticipating another market downturn, Rabina Properties sold more than fifty assets it had already successfully repositioned. In the period of economic stagnation following the financial crisis, Rabina found opportunities by once again purchasing distressed debt and selectively acquiring properties trading at a discount.
A flood of money entered prime real estate markets, leading to high prices and low cap rates. Rather than chasing properties at very high valuations, Rabina Properties shifted its focus from acquisitions to the joint development of multifamily high-rise residential buildings in New York City and South Florida.