Rybak Development Nears Completion of 10-Unit Yorkville Condo

• Rybak Development is nearing completion at 500 East 81st Street on Manhattan's Upper East Side, an 11-story boutique condominium project.
• The building will deliver 10 full-floor, four-bedroom condos across roughly 37,378 square feet, plus retail and parking.
• Rybak purchased the site for $10.4 million and secured a $26.5 million construction loan from Maxim Capital at a 65% loan-to-cost ratio.

What Rybak Development Is Building

Rybak Development is putting the finishing touches on 500 East 81st Street, a roughly 100-foot-tall residential building at the southeast corner of York Avenue and East 81st Street in Yorkville. The facade is now largely visible as scaffolding and black construction netting come down. The project is designed by S20M and Zproekt Architecture, with a light gray stone exterior, rounded corner windows and stacked balconies combining precast concrete and dark metal panels. The current construction phase points toward a Q1 2027 delivery, according to current market listings.

 

 

 

 

What The Condos Will Offer

The project is targeting the luxury condominium market with 10 full-floor residences, each planned with four bedrooms, private elevator access and outdoor terraces. Interiors will feature 10- to 12-foot ceilings, imported limestone, honed marble, hand-finished hardwood and Miele and Sub-Zero appliances. The penthouse will add a private rooftop terrace, while select residences will have private parking. The building will also offer a lobby, fitness center and wellness area with a steam room and sauna.

 

 

 

 

What The $69.4M Sellout Means

The condominium has a projected $69.4 million sellout, according to the project's offering materials and sales coverage. That puts the average projected value across the 10 residences at roughly $6.9 million per unit, although individual pricing will vary. Douglas Elliman's Eklund | Gomes Team is handling sales and marketing. The project's highly limited unit count is designed around large full-floor residences rather than a larger collection of smaller apartments.

 

 

What The Financing Says About The Project

Rybak acquired the development site for $10.4 million in 2023 before securing $26.5 million from Maxim Capital for construction. Meridian Capital Group arranged the financing, which was structured at a 65% loan-to-cost ratio. The site previously contained the Gracie Inn Hotel, a laundromat and a diner. The redevelopment replaces those uses with a new luxury residential asset near the Q train's 86th Street station, Carl Schurz Park and the broader Yorkville retail corridor.

 

 

What The Upper East Side Project Adds

500 East 81st Street represents a concentrated luxury residential strategy, with Rybak converting a relatively small development site into only 10 high-end condominium units. The project's progress also shows how developers are continuing to target boutique condo opportunities in established Upper East Side neighborhoods. With facade work nearing completion and interior construction continuing, the project is moving toward its anticipated 2027 delivery and sales push.