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Rybak lands $48M loan for Coney Island project

Bank Leumi is the lender at 271 Sea Breeze Avenue

Sergey Rybak and 271 Sea Breeze Avenue.
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.

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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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Commercial Real EstateConey Island