Rybak lands $48M loan for Coney Island project

Bank Leumi is the lender at 271 Sea Breeze Avenue

Nov.November 13, 2018 06:30 PM

Sergey Rybak and 271 Sea Breeze Avenue.

Sergey Rybak’s Rybak Development landed a $47.5 million construction loan from Bank Leumi to finance his planned 22-story, 180,000-square-foot mixed-use tower in Coney Island.

Rybak bought the site at 271 Sea Breeze Avenue last June for $13.5 million from Chaim Miller. The planned tower will include 114 apartments (30 percent will be designated as stabilized) and just over 27,000 square feet of ground-floor commercial space.

The Carlton Group’s Ruth Barone brokered the loan.

Earlier this year, Rybak filed plans to transform the former home of a drag cabaret in the East Village into apartments.

Rybak is also the developers behind a pair of condominium projects in Sheepshead Bay, at 3041 Ocean Avenue (the Ocean) and 1809 Emmons Avenue (the Vue). The Ocean has a projected sellout of more than $30 million, while the Vue has a projected sellout of almost $80 million.

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