Developer who bundled thousands for Adams picked to build on city-owned Coney Island lot

"A real estate developer who funneled tens of thousands of dollars to Eric Adams' successful mayoral campaign four years ago is set to take over a city-owned lot in Coney Island, raising questions about the selection process. The company Rybak Development, run by CEO Sergey Rybak, was selected to develop the lot, located a block from the beach, by the New York City Economic Development Corporation, an entity overseen by the mayor."

"Rybak has a track record of building in and around Coney Island. He was also an early supporter of Adams' mayoral bid, eventually compiling more than $28,000 from company employees, subcontractors and associates for Adams' 2021 campaign. But as Gothamist first reported, he was not registered as a "bundler," or intermediary, as is required by campaign finance law. Several top Adams administration officials have been investigated and charged over alleged corruption and pay-to-play schemes involving real estate."

Rybak Development, led by CEO Sergey Rybak, was selected by the New York City Economic Development Corporation to develop a city-owned lot in Coney Island. The plan calls for a high-rise with 505 apartments by 2030, with one quarter of units reserved for low- and middle-income renters under city rules. Company employees, subcontractors, and associates compiled more than $28,000 for Eric Adams' 2021 campaign, and Rybak was not registered as a bundler as required by campaign finance law. The selection renews concerns about pay-to-play influence given prior investigations of top administration officials. Rybak's company says it was the most qualified and that contributions were made before any RFP announcement.

Read at Gothamist