Rybak Improvement is gearing up for a massive development on its house turf.
The Coney Island-based developer filed plans with the Division of Buildings on Tuesday to construct a 527-unit mixed-use growth within the historic Brooklyn neighborhood it calls house. The challenge, dubbed Tilyou Towers, will redevelop a city-owned car parking zone at 2108 Surf Avenue right into a 28-story, 850,000-square-foot residence constructing with ground-floor retail.
Plans for the challenge buck the trend of builders capping their residential projects at 99 items to keep away from the wage flooring set by the 485x tax incentive. The abatement requires builders to pay a development wage of at the very least $40 per hour to qualify for a property tax exemption on buildings with 100 or extra items, inadvertently incentivizing builders to construct smaller buildings to keep away from the wage requirement.
“I used to be excited to lastly be requested to design a bigger constructing somewhat than chop it up right into a bunch of smaller buildings,” mentioned Eugene Mekhtiyev of IMC Structure, who designed the constructing.
CEO Sergey Rybak mentioned the 485x wage flooring required the developer to shift its technique. However the place different builders scaled down, Rybak mentioned that his agency as a substitute embraced the bigger footprint, which allowed them to benefit from economies of scale.
“Bigger-scale initiatives are likely to make extra sense as a result of you may make higher buys,” he mentioned. “If I’m shopping for 500 [air conditioning units], it’ll be a lot inexpensive than someone shopping for 100. Unit volumes actually permit us to work with distributors and get the very best pricing, thus with the ability to pay the upper wage necessities.”
The items will likely be a lot bigger than the everyday New York Metropolis residence, averaging 950 sq. ft in comparison with the roughly 733-square-foot average amongst Manhattan items.
The challenge can also be slated to ship 108 parking areas for residents and a further 310 public parking areas obtainable for hire on a every day or hourly foundation.
The developer is slated to start development on the 11-story podium and two 28-story towers within the second quarter of 2027. Building is anticipated to take 30 months.
The Financial Improvement Company selected Rybak in October 2025 after releasing a request for proposals to construct the 500-unit challenge on 80,000 sq. ft of city-owned public parking.
The event, named after Steeplechase Park founder George Tilyou, is a part of the town’s effort to develop Coney Island after the 2009 rezoning of the realm. Mayor Zohran Mamdani doubled down on the push to revitalize the South Brooklyn neighborhood earlier this 12 months, committing $1 million to a brand new Enterprise Enchancment District.
The constructing is the most recent Coney Island growth for Rybak after the agency sealed a mixed-use project often known as Sky Three at close by 532 Neptune Avenue in partnership with Rubie Schron’s Cammeby’s Worldwide Group. The challenge, comprising three 20-story towers, is at the moment leasing 499 items and 60,000 sq. ft of retail. The event joins different new buildings in Coney Island, such because the 463-unit rental challenge at 1515 Surf Avenue.
Learn extra
City names Rybak developer of 505-unit Coney Island project
City seeks developer to revitalize Coney Island on city-owned land
Cammeby’s, Rybak land $252M for Coney Island project
