Rabina recognized the potential of the East Village in the 1960s and acquired 85 Fourth Avenue, a full blockfront property of 156,465 square feet. The building has 158 apartments and 16,500 square feet of ground floor retail space, plus a garage. Rabina recognized a significant opportunity to generate steady cash flow with investment, management focus and patience. Rabina also recaptured and upgraded the prime corner retail space.
Over five decades, Rabina has transformed 85 Fourth Avenue from a marginal property into a core asset. By improving an average of five to 10 apartments per year, Rabina was able to optimize the rent roll steadily. Over time, commercial tenants were also brought up to market levels. With multiple income generators – residential, retail, service and entertainment – Rabina has created a property that delivers significant cash flow and diversified risk exposure.