Economic Climate

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.

Rabina Properties Through the Decades

By upholding patience amid uncertainty & tenacity through  opportunity, Rabina Properties has found success since the 1950’s.

This interactive timeline of our history features a selection of our transactions across the years and business cycles.

1956 - 1978

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.

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Acquired: 1961
15 East 30th Street, New York NY
15 East 30th Street, New York, NY When Thia and Zrubavel Rabina acquired this five-story loft building in the area now called NoMad, it was entirely occupied by clothing and rug merchants. Zrubavel Rabina kept his business office in a small room in the basement until he returned to Israel in his retirement. Later, the Rabina family renovated the entire building and converted its commercial units into residential lofts.

1961

1964

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Acquired: 1964
85 Fourth Avenue, New York, NY
85 Fourth Avenue, New York, NY This 156,465 square foot East Village property features 158 rental apartments and 16,500 square feet of ground floor retail space, plus a garage. Once a marginal property in a downtrodden neighborhood, careful management has resulted in a property that delivers significant cash flow and diversified risk exposure in one of New York City's most desirable areas. More than fifty years later, the Rabina family still owns the building and it is managed by Rabina Properties.

1979 - 1986

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.

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Acquired: 1979
229 West 101st Street, New York, NY
229 West 101st Street, New York, NY With strong, hands-on management, Rabina turned around this seven-story multifamily and retail property on the corner of Broadway and 101st Street, which was bought with 300 violations and a rent strike underway. Intensive management allowed for significant cash flow and asset appreciation which then provided the funds to purchase the next property, a significantly larger apartment/retail property on the corner of 97th and Broadway.

1979

1983

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Acquired: 1983
467 Central Park West, New York, NY
467 Central Park West, New York, NY Rabina repositioned this 92,500 square foot, 16-story rental apartment building on Central Park, dramatically increasing its occupancy and income. Continuing with the same strategy of renovating and upgrading increasingly more valuable Upper West Side Manhattan apartment buildings while concurrently taking advantage of appreciating real estate values, Rabina sold this asset at the peak of the market to a co-op converter.
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Acquired: 1986
850-856 Eighth Avenue, New York, NY
850-856 Eighth Avenue, New York, NY Rabina saw opportunity in 100 feet of prime retail frontage on a valuable corner of 51st Street and Eighth Ave. Rabina invested in the retail and residential units to create a strong income producing asset that has been in its portfolio for more than 30 years. Gut renovating one of the buildings further honed Rabina’s construction/rehab skill set.

1986

1987 - 1991

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.

1988

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Acquired: 1988
251 West 92nd Street, New York, NY
251 West 92nd Street, New York, NY Rabina acquired this 133,000 square foot, 13-story, 87-unit apartment building on the corner of 92nd and Broadway, recognizing the opportunity to reposition a major asset. Rabina sold the asset, capturing the value created, after successfully repositioning it.

1992 - 2004

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.

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Acquired: 1993
RPT Metro Equities Portfolio
RPT Metro Equities portfolio of sub performing loans Rabina and partners bought 100 loans for roughly one-third of their face value of $100 million. Existing cash flow supported the purchase price but real value was created by loan restructurings, workouts and, when necessary, taking the properties in as REOs and enhancing value through strong management.

1993

1996

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Acquired: 1996
110 Fifth Avenue, New York, NY
110 Fifth Avenue, New York, NY A 170,000 square foot, 11-story office building in the heart of Manhattan’s Flatiron District purchased amid uncertainty after its former owner and occupant, the New York Times Company, sold off its magazine division and vacated the building.
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Acquired: 1996
Charge Off Portfolio
Charge Off Portfolio A purchase of $600 million in bankruptcy claims for pennies on the dollar. Rabina Properties converted these claims into ownership of properties including 230 Park Avenue South, a 400,000 square foot, fourteen-story office building in New York City's Flatiron District.
 

1997

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Acquired: 1997
Mello-Roos Bonds
Debt Bonds Rabina purchased distressed Mello-Roos bonds with a face value of more than $20 million from the Franklin Fund at a steep discount. Rabina took the lead from bondholder Allstate and, over the course of three years, negotiated a successful restructuring with the developer and the California municipality that issued the bonds.
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Acquired: 1998
Wonder Bread Factory, Natick, MA
Wonder Bread Factory, Natick, MA Along with partner Jonathan Rose, Rabina Properties purchased this empty factory, intending to convert the 283,000 square foot space into a data center. Qwest Communications signed a deal for the space, but in a difficult market for telecommunications technology companies, never occupied it. The partnership sold the property's long-term income stream to one buyer and the property itself to General Growth Properties. It ultimately became part of the abutting Natick Mall and is now home to Nordstrom and Neiman Marcus. 

1998

 
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Acquired: 1998
Florida Shopping Center Portfolio
Florida Shopping Center Portfolio This portfolio of thirteen shopping centers in South Florida included 500 Collins Avenue in Miami Beach, which Rabina redeveloped into 160,000 square feet of retail and parking in 2004, and 500 East Las Olas Boulevard in Fort Lauderdale which, in partnership with the Related Group of Florida, Rabina is currently developing into a 272-unit, 42-story residential tower.
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Acquired: 2001
NNN Portfolio
NNN Portfolio Rabina Properties purchased the general and limited interests in 36 partnerships originally structured by Integrated Resources as tax shelters. The purchase included a majority interest in 395 Flatbush Avenue, a 323,000 square foot office building in downtown Brooklyn.

2001

 
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Acquired: 2001
415 Washington Avenue, North Haven, CT
415 Washington Avenue, North Haven, CT The value proposition for this purchase was in having such a large tract of land, 165 acres, in Southern Connecticut, under one ownership. Rabina's financial strength allowed it to carry the property in and out of a recession and put it in a position to take advantage of its size and uniqueness.
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Acquired: 2004
New River Development Sites, Fort Lauderdale, FL
New River Development Sites, Fort Lauderdale, FL These sites along the New River in downtown Fort Lauderdale were purchased in partnership with the Related Group of Florida to build three waterfront high-rise luxury residential towers. Phase I was completed in 2014 and Phases II and III are currently in the planning stages.

2004

2005 - 2011

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.

2007

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SOLD: 2007
230 Park Avenue South, New York, NY
230 Park Avenue South, New York, NY This 400,000 square foot, fourteen-story office building in New York City's Flatiron District was sold at the height of the market.
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Acquired: 2008
Upper West Side Apartment Building Mezzanine Loan
Upper West Side Apartment Building Mezzanine Loan Rabina Properties purchased a discounted B Note backed by a 10-story, 76-unit apartment building on New York City's Upper West Side from a major investment bank.

2008

2010

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Acquired: 2010
625 Liberty, Pittsburgh, PA
625 Liberty, Pittsburgh, PA Rabina and partners lent Blackstone $20 million during the liquidity crisis of the Great Recession in September 2008 so that they could complete a tenant fit out for this 625,000 square foot, Class A, 32-story skyscraper in prime Pittsburgh. Rabina then exercised a purchase option and bought the building in 2010, before selling it to a public REIT in December 2012.

2012 - Present

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.

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Developed: 2012
New River Yacht Club, Fort Lauderdale, FL
New River Yacht Club Along with partner the Related Group of Florida, Rabina Properties developed this 27-story, 249-unit high-rise rental apartment building in downtown Fort Lauderdale that has set a new standard for luxury in the market. Leasing began in 2014 and exceeded projections in price per square foot and absorption.

2012

2013

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Developed: 2013
QLIC, Long Island City, NY
QLIC, Long Island City, NY A 421-unit rental apartment building developed in partnership with lead developer The Worldwide Group and Cammeby International. The project broke ground at the end of 2013. Tenants commenced occupancy in September 2015.
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Sold: 2015
30th Street Assemblage, New York, NY
30th Street Assemblage, New York, NY Rabina Properties initially assembled the East 30th Street development rights with the intention of building rental apartments to hold for the long-term. However, a dramatic appreciation in New York City land prices led to the decision to sell the development site to a condominium developer. This sale led to the acquisition of Charlotte Plaza in Charlotte, North Carolina, and a minor reinvestment in the 30th Street development through JD Carlisle.

2015

 
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Acquired: 2015
Charlotte Plaza, Charlotte, NC
Charlotte Plaza, Charlotte, NC In the heart of downtown Charlotte, this 27-story tower consists of 640,000 square feet of Class A office and retail space.
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In Development: 2016
ICON Las Olas, Fort Lauderdale, FL
ICON Las Olas, Ft. Lauderdale, FL This 272-unit luxury residential tower will soar 42 floors above Fort Lauderdale’s New River. The development is a joint venture between Rabina Properties and the Related Group of Florida.

2016