"New York City is selling land in Coney Island to RYBAK Development in exchange for housing. The firm will spend more than $350 million to construct just over 500 units-122 of which qualify as affordable-in a building with additional retail and community space. What will eventually be two, 28-story towers on either side of an 11-floor section are part of a broader push by the city to build new housing and improve infrastructure in the coastal neighborhood."
"Three other housing developments across the street from the RYBAK project are in the works or were completed in the last several years, while the city is adding two additional streets to the area. RYBAK Development, along with its partner IMC Architecture, won the property through an RFP process and should start construction on what the partnership calls the Tilyou Towers in 2027."
"This particular Coney Island site is currently a public-access parking lot. RYBAK Development is expected to buy the land and apply for the 485-x tax abatement program. A parking facility available to nearby residents will be incorporated into the new building. RYBAK Development's residential/retail complex, designed by IMC Architecture, will feature an 11-story "podium" section and two 28-story towers. The podium will have a large outdoor tenant amenity rooftop terrace on the 11th floor, including an infinity-edge swimming pool overlooking the Atlantic Ocean,"
New York City will sell a public-access parking lot in Coney Island to RYBAK Development in exchange for creating housing. RYBAK will invest over $350 million to build just over 500 units, with 122 qualifying as affordable, and will include retail and community space. The design consists of an 11-floor podium flanked by two 28-story towers, an amenity rooftop terrace with an infinity-edge pool, and indoor amenities. The developer and IMC Architecture won the site via RFP and plan to begin construction in 2027 after purchasing the land and seeking a 485-x tax abatement. Nearby housing projects and added streets accompany the neighborhood changes.
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