Rybak Development, Cammeby’s Plan Two 22-Story Rental Towers in Coney Island

• Rybak Development and Cammeby’s propose 703-unit mixed-use project
• Two 22-story towers with an affordable housing component
• Includes large parking garages, retail, and community space

Developers pursue rezoning to unlock density

Rybak Development and Cammeby’s have filed a rezoning application for two residential towers in Coney Island. The project will replace existing surface parking lots next to Shorecrest Towers. This reflects a broader push to convert underutilized land into higher-density housing.

Project scale adds significant rental supply

The development will deliver 703 rental units across both buildings. 3030 Ocean Parkway will include 345 units with 69 affordable units, while 400 Neptune Avenue will deliver 358 units with up to 107 designated as affordable housing. This positions the project as a major addition to Brooklyn’s multifamily pipeline.

Mixed-use elements support asset value

The Ocean Parkway building will include over 10,000 square feet of retail and more than 5,000 square feet of community facility space. Both buildings will also feature structured parking garages. In outer borough markets, parking remains an important amenity that supports tenant demand.

Transit access strengthens leasing potential

The site is located near the Ocean Parkway subway station on the Q line, providing connectivity across Brooklyn and into Manhattan. Future infrastructure improvements, including a planned pedestrian bridge, could further enhance accessibility.

The long timeline reflects the entitlement process

The project is still awaiting approvals, with an estimated completion date of 2034. Large-scale rezonings in New York require time, but once approved, they significantly increase development potential and long-term value.

What this means for Brooklyn multifamily investors

This project highlights a key trend. Developers are targeting large sites in emerging areas to build high-density rental housing. For investors, Coney Island continues to present long-term upside as new development brings scale, infrastructure, and increased demand.