Rybak Development shoots for $48M sellout at funky W’burg condo

South Brooklyn-focused builder is bringing 33 condos to 88 Withers Street

TRD New York /
Aug.August 30, 2017 11:30 AM

Rendering of 88 Withers Street and Sergey Rybak

In renderings, 88 Withers Street looks like it’s about to fall down — but it’s really just now going up.

The developer, Rybak Development, filed a condominium offering plan for the unorthodox project with the New York State Attorney General’s office last week, records show.

Rybak is planning 33 condos at the building, according to the filings, with a total asking price of $48 million, or about $1.5 million per apartment on average.

Marketed as “Element 88,” the unusual design is the work of Zproekt Architecture, the same Brooklyn-based firm that’s designing Rybak’s Sheepshead Bay project at 1821 Emmons Avenue.

Sergey Rybak did not immediately respond to a request seeking comment.

According to a June report in NY YIMBY, Rybak expects to complete Element 88 by summer of 2018. Apartments will average 938 square feet and 5,000 square feet of retail are planned for the ground floor. The developer secured a $19 million construction loan earlier this summer from Bank of Princeton and Northeast Community Bank, Commercial Observer reported.

Elsewhere, Rybak in June acquired the troubled Brighton Beach development site at 271 Sea Breeze Avenue from the even more troubled investor Chaim Miller. Rybak plans to build a 114-apartment tower at the address.

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