RYBAK Development has been selected by New York City Economic Development Corp. to develop more than 500 units of mixed-income housing in the city’s next phase of development on Coney Island West in Brooklyn. This phase of the project is estimated to cost at least $350 million and will provide 126 affordable units.
Known as Parcel A, the site overlooks the Atlantic Ocean and the Luna Park amusement park. The development will be named Tilyou Towers, in honor of George C. Tilyou, founder of the former Steeplechase Park on Coney Island. It will be built on Surf Avenue between West 21st and West 22nd streets west of the iconic Coney Island Amusement District. Designed by Brooklyn-based IMC Architecture, the development will have 30,000 square feet of ground-floor retail space and replace existing public surface parking with new public structured parking. At least 160 parking spaces will be maintained during the construction, which is expected to start in 2027 and conclude by 2030.
The announcement is part of Mayor Eric Adams’ and NYCEDC’s plans for revitalizing Coney Island into a year-round entertainment, retail and residential destination. Plans call for development of 1,500 new homes on city-owned surface parking lots, reconstruction of the historic Riegelmann Boardwalk and new investments in streets, sewers as well as a renovation of the Abe Stark Sports Center.
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RYBAK Development Principal Jason Reznik told Multi-Housing News both he and RYBAK Development CEO and Principal Sergey Rybak grew up in South Brooklyn and “share a lifelong affinity for the convenience, entertainment options and ease of life that this neighborhood affords.”
Noting the firm has been developing projects in South Brooklyn for the past 20 years, Reznik said they were “honored by EDC’s recognition of our local expertise and understanding of the real estate market in this section of Brooklyn.”
Mixed-use plans outlined
RYBAK Development’s plan calls for an 800,000-square-foot mixed-use complex with 383 market-rate and 126 affordable apartments. In addition to the new parking structure, the property will have 65,000 square feet of indoor and outdoor amenities in addition to 32,000 square feet of retail and community space. The retail section will be on both Surf Avenue and Ocean Way. Residential lobbies will be on both West 21st and West 22nd streets.
As part of the city’s Mandatory Inclusionary Housing program, Tilyou Towers will designate 25 percent of its residences as affordable units. The units will have a blended average of 80 percent Area Median Income, ranging from 40 percent AMI to 100 percent AMI. There will be a mix of studios, one-, two-and three-bedroom apartments.
The concrete structure will have an 11-story podium and two 28-story towers. The podium will have a setback on the eighth floor as well as a large outdoor tenant amenity rooftop terrace on the 11th floor, including an infinity-edge swimming pool, lounge, gaming area, children’s playground, kitchen and pet-friendly facilities. Indoor amenities will be located on the fifth floor. Parking will be on the street level and second and third floors. The fourth floor will have a combination of apartments and parking spaces.
The development will have a 3,000-square-foot public plaza in front and extensive landscaping, a trellis-type canopy, seating and curated art.
The façade will be composed of a brick veneer in a sandy color on the podium section and metal panels in two harmonized sand-tone and ecru colors on the towers. The windows will be surrounded by “shadow box” framing jutting out of the façade. Aluminum window frames will be finished in a bronze color.
Reznick said the project is targeting Passive House standards to reduce energy use and carbon impacts. IMC Architecture’s designs for the project incorporate green roofs, on-site solar panels and robust floor-resilience measures, he said. The residences will be all-electric and the towers will have triple-glazed windows and a rainscreen façade for energy efficiency and sound attenuation performance to better absorb sound waves.
Team work past and present
The project team also includes IMC Architecture Principal Eugene Mekhtiyev, RYBAK Senior Project Manager Dan Russell and Project Manager Snezhka Chausheva as well as zoning and permitting consultant CORE Consultants.
IMC Architecture and RYBAK Development have worked together on two other New York City projects; the firm designed 218 Madison Ave. and 248 E. 62nd St., both market-rate/luxury ground-up multifamily projects in Manhattan.
RYBAK Development is a New York City-based real estate development, construction and property management firm specializing in multifamily, condominium, commercial and mixed-use projects with a focus on new ground-up development. The company’s portfolio spans more than 5.4 million square feet and more than 1,600 units, including 28 completed ground-up projects.
The firm is currently leasing the three-tower, 499-unit Sky Three Residences Club at 532 Neptune Ave., just a few blocks from Tilyou Towers. In January 2024, RYBAK Development secured $71 million in construction financing from Valley National Bank to develop The Austin, a 98-unit multifamily project in the Forest Hills section of Queens.
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