The Real Deal New York

Rybak plans Sheepshead Bay’s most-expensive condo ever

Developer files plans for $77M sellout at site of former El Greco Diner

January 28, 2016 02:32PM
By Rich Bockmann

From left: Sergey Rybak, Erik Yankelovich and 1821 Emmons Avenue in Brooklyn

From left: Sergey Rybak, Erik Yankelovich and 1821 Emmons Avenue in Brooklyn

Rybak Development & Construction is planning what, for now, would be the most expensive condo development ever in Sheepshead Bay.

The Brooklyn-based developer is projecting a total sellout of $77.2 million for its proposed 90,000 square foot building at the site of the former El Greco Diner, according to a condo offering plan filed with the state Attorney General’s office.

The 58-unit project’s sellout includes 82 parking units and a commercial unit, the plans show.

If accepted, the offering plan would be the most expensive ever for the south Brooklyn neighborhood, though it could be surpassed by another large condo development in the works.

Muss Development and AvalonBay have plans to build a 280,000-square-foot, mixed-use condo/rental building nearby at 1501 Vorhees Avenue. Depending on how the residential condo space is apportioned, the for-sale part of the building could surpass Rybak’s project. Rubin Schron’s Cammeby’s International Group  is planning a 40-story mixed-use tower in Coney Island, but it’s not yet known if the units will be condos or rentals.

Rybak, which bought the development site at 1821 Emmons Avenue for $13 million in 2014, ranked number 16 in an analysis of Brooklyn’s busiest developers by The Real Deal with 98 units built over the past three years.

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