structured credit Case Study

230 Park Avenue South


In 1996, one of the largest banks in the U.S. was in the midst of a transformation, adopting a new brand and hoping to clear a large portfolio of charge-off and unsecured claims off its books. Recognizing the true value of the loan collateral and willing to navigate complex business situations and bankruptcies, Rabina purchased the entire portfolio, which had a face value of more than $600 million, at a steep discount.


Rabina restructured, settled or sold secured claims, repatriating all contributed equity. Rabina then led the workout and restructuring of the unsecured claims, in the process acquiring assets, including a 50% ownership stake in 230 Park Avenue South, a 400,000 square-foot, fourteen-story office building in New York City’s Flatiron District. Rabina sold 230 Park Avenue South in 2007, yielding a manifold return for Rabina and its partners.