City names Rybak developer of 505-unit Coney Island project

"The New York City Economic Development Corporation has tapped Coney Island-based Rybak Development to lead the next phase of the sweeping redevelopment effort in Coney Island. The announcement comes eight months after the mayor's office released a request for proposals for a developer to build a 500-unit project on Surf Avenue between West 21st and 22nd Streets. The development is one piece of the city's plans for the neighborhood,"

"Utilizing public land for housing is a critical way to increase our supply, NYCEDC president and CEO Andrew Kimball said in a statement. Rybak agreed to purchase 80,000 square feet of city-owned land that is currently being used for public parking to build 505 units of mixed-income housing. The project will include 25 percent of units designated as permanently affordable, ranging from 40 percent of the area median income to 100 percent of the area median income."

"Sergey Rybak, the CEO of Rybak Development, said he expects the project to cost over $350 million. As part of the RFP, developers were required to privately finance the deal, according to Rybak, and the project will be eligible for the 485-x tax abatement. He credited the firm's local expertise with informing how it underwrote the deal, pointing to a 499-unit rental building covering 1 million square feet down the street that launched in the last week."

NYCEDC selected Coney Island-based Rybak Development to lead the next redevelopment phase on Surf Avenue between West 21st and 22nd Streets. The project joins city investments that include affordable housing funding, a more than $1 billion Boardwalk investment, and a $42 million renovation of the Abe Stark Sports Center. Rybak agreed to purchase 80,000 square feet of city-owned public parking to build 505 mixed-income units, with 25 percent permanently affordable at 40 to 100 percent of area median income. Sergey Rybak expects costs to exceed $350 million. The deal must be privately financed, will qualify for the 485-x tax abatement, and leverages local market knowledge amid renewed development interest in Coney Island.

Read at therealdeal.com