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.


Related Articles

arrow_forward_ios
Vishaan Chakrabarti of Practice for Architecture and Urbanism and Hiten Samtani of The Real Deal (Getty)

Vishaan Chakrabarti on a Manhattan real estate market without private cars

Vishaan Chakrabarti on a Manhattan real estate market without private cars
Vishaan Chakrabarti of Practice for Architecture and Urbanism and Hiten Samtani of The Real Deal (Getty)

The REInterview: What if Manhattan had four Central Parks’ worth of land to play with?

The REInterview: What if Manhattan had four Central Parks’ worth of land to play with?
Social Construct CEO Ben Huh, The Real Deal's Hiten Samtani and Social Construct cofounder Michael Yarne

The REInterview: Social Construct’s founders on making multifamily construction an assembly line

The REInterview: Social Construct’s founders on making multifamily construction an assembly line
2870 Ocean Avenue in Sheepshead Bay (Google Maps)

Chetrit firm to acquire Sheepshead Bay development site

Chetrit firm to acquire Sheepshead Bay development site
Alexandria Real Estate Equities founder Joel Marcus and Alexandria Center for Life Sciences (Getty, Google Maps)

Life-sciences sector proves safe haven for landlords

Life-sciences sector proves safe haven for landlords
123 West 23rd Street and Adam Neumann (Google Maps; Getty Images)

Adam Neumann, Jeff Dagowitz get $75M refi for Chelsea dev site

Adam Neumann, Jeff Dagowitz get $75M refi for Chelsea dev site
22-15 31st Street (Google Maps)

Supermarket signals demise as Target eyes Astoria

Supermarket signals demise as Target eyes Astoria
270 Park Avenue (Google Maps; iStock)

City planning through a pandemic

City planning through a pandemic
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...