Rybak Unveils Vision for 19-Story Mixed-Use Tower in Midtown East

Rybak Development, a South Brooklyn-based company, has unveiled detailed plans for its Midtown East site, acquired two years ago. The firm purchased 656 Lexington Ave. in December 2021 for $24.4 million, signaling its commitment to a significant project. The proposed mixed-use building is set to soar 19 stories and 233 feet high, featuring 23 residential units within its 66,000 square feet footprint. Notably, the development will house a healthcare facility on the first two floors, a ground-floor eatery, and unique recreational spaces on the 11th floor and rooftop. Residents and their guests will enjoy these amenities without any additional fees, according to the filed plans.

Silent Moves: Rybak's Strategic Silence on Midtown East Plans

Despite the unveiling of ambitious plans, Rybak Development has chosen to remain tight-lipped about the specifics of its Midtown East project. A representative for Rybak declined to comment on the company's vision for the property, leaving room for speculation and anticipation. The decision to withhold details adds an air of mystery to the development, heightening curiosity among industry observers and potential stakeholders. Rybak had previously filed demolition plans for the existing 2-story commercial building on the site in February 2022, a move that aligns with the company's forward-looking approach.

Rybak's Expansive Reach in New York Real Estate

Led by founder and principal Sergey Rybak, the development company boasts an impressive portfolio of nearly 20 real estate projects across Manhattan, Brooklyn, and Queens. Notable among these is a collaboration with Cammeby's International for the expansive Neptune Avenue development on Coney Island. Spanning 845,000 square feet with 499 residential units, this partnership underscores Rybak's commitment to transformative projects. Simultaneously, the company is actively working on a 28-unit residential development on the Upper East Side at 126 E. 86th St., showcasing its diverse and extensive contributions to the New York real estate landscape.

New York's Residential Landscape: Rybak's Midtown East Project Amidst Limited Supply

As Rybak Development unfolds its plans, the broader context of New York City's residential landscape comes into focus. Reports suggest that the city is poised to produce a minimal number of residential units in the current year. Estimates by the Real Estate Board of New York and the New York Building Congress hover around 10,000 to 11,000 homes, emphasizing the scarcity of new housing options. Against this backdrop, Rybak's Midtown East development assumes even greater significance as a potential addition to the limited supply, contributing to the city's ongoing real estate narrative.