Rybak Development files DOB plans for 26-unit building in Grand Central
218 Madison Avenue (Credit - Google)
Rybak Development submitted a new building construction project for a 26-unit, 34,734 square-foot residential (R-2) building at 218 Madison Avenue at the corner of East 36 Street, in Grand Central, Manhattan. The plan was filed with the New York City Department of Buildings on June 14, 2024 under job number M01042409. It calls for the construction of a 10-story building. The project is described in the filing as: proposed 10-story residential building. Sergey Rybak, company founder and principal, filed the plans. The architect is IMC Architecture.
Rybak Development purchased the parcel for $12 million on December 14, 2024.
The property
The existing retail building with 1 residential unit in Grand Central has 11,362 square feet of built space and 23,830 square feet of additional air rights for a total buildable of 35,200 square feet according to a PincusCo analysis of city data. The parcel has frontage of 37 feet and is 95 feet deep with a total lot size of 3,520 square feet. The zoning is C5-2 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.2 million.
218 Madison Avenue
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | Cellar | GYMNASIUM, SPA | Apartment | N/A | Residential | 2B | |
| 2 | Cellar | ELECTRICAL ROOM, FIRE PUMP ROOM, WATER SERVICE ROOM, DETENTION TANK, TRASH COMPACTOR ROOM | Mechanical and/or electrical equipment room | N/A | Factory and Industrial | 2B | |
| 3 | Cellar | BIKE & TENANT STORAGE | Storage of non combustible Materials | N/A | Storage | 2B | |
| 4 | Ground Floor | PACKAGE ROOM, MAIL ROOM, TRASH ROOM | Storage of non combustible Materials | N/A | Storage | 2B | |
| 5 | Ground Floor | ONE (1) CLASS "A" APARTMENT | Apartment | N/A | Residential | 2A | 1 |
| 6 | Ground Floor | RESIDENTAL LOBBY, LOUNGE | Apartment | N/A | Residential | 2A | |
| 7 | 2 | TWO (2) CLASS "A" APARTMENTS | Apartment | N/A | Residential | 2A | 2 |
| 8 | 3 | THREE (3) CLASS "A" APARTMENTS | Apartment | N/A | Residential | 2a | 3 |
| 9 | 4 | THREE (3) CLASS "A" APARTMENTS | Apartment | N/A | Residential | 2a | 3 |
| 10 | 5 | THREE (3) CLASS "A" APARTMENTS | Apartment | N/A | Residential | 2a | 3 |
| 11 | 6 | THREE (3) CLASS "A" APARTMENTS | Apartment | N/A | Residential | 2a | 3 |
| 12 | 7 | THREE (3) CLASS "A" APARTMENTS | Apartment | N/A | Residential | 2a | 3 |
| 13 | 8 | THREE (3) CLASS "A" APARTMENTS | Apartment | N/A | Residential | 2a | 3 |
| 14 | 9 | TWO (2) CLASS "A" APARTMENTS | Apartment | N/A | Residential | 2A | 2 |
| 15 | 10 | TWO (2) CLASS "A" APARTMENTS | Apartment | N/A | Residential | 2A | 2 |
| 16 | Penthouse - 1 | TWO (2) CLASS "A" APARTMENTS | Apartment | N/A | Residential | 2A | 2 |
| 17 | Roof | BULKHEAD, ELEVATOR MACHINE ROOM, HOT WATER HEATER ROOM, | Apartment | N/A | Residential | 2B | |
| 18 | Roof | RECREATION SPACE | Apartment | N/A | Residential | 2B | |
| floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
Prior sales and revenue
This property was sold by Sapir Organization for $12 million to Rybak Development on December 14, 2023.
The 11,362-square-foot property generated revenue of $594,601 or $52 per square foot, according to the most recent income and expense figures.
Violations and lawsuits
According to city public data, the property has received $250 in OATH penalties in the last year.
There were no lawsuits or bankruptcies filed against the property for the past 24 months.
The neighborhood
In Grand Central, The majority, or 83 percent of the 43.5 million square feet of commercial built space are office buildings, with hotel buildings next occupying 8 percent of the space. In sales, Grand Central has near average sales volume among other neighborhoods with $646.2 million in sales volume in the last two years and is the 12th highest in Manhattan. For development, Grand Central has near average amount of major developments among other neighborhoods and is the 8th highest in Manhattan. It had 4.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of four of the 10 commercial properties representing 331,142 square feet of the 558,586 square feet. The largest owner is Cammeby’S International Group, followed by Rosen Equities and then Rudin Management Co. On the tax block, there were three new building construction projects totaling 204,360 square feet. The largest is a 121-unit, 89,376 square-foot residential (R-2) building submitted by David Bildirici with plans filed March 23, 2022 and it has not been permitted yet. The second largest is a 121-unit, 80,250 square-foot residential (R-2) building submitted by Yusuf Bildirici with plans filed February 26, 2021 and it has not been permitted yet.
The owner
The PincusCo database currently indicates that Rybak Development owned at least seven commercial properties with 56 residential units in New York City with 106,545 square feet and a city-determined market value of $36.7 million. (Market value is typically about 50% of actual value.) The portfolio has $354.4 million in debt, with top three lenders as Valley National Bank, MF1 Capital, and Bank Leumi respectively. Within the portfolio, the bulk, or 35 percent of the 106,545 square feet of built space are elevator properties, with development properties next occupying 33 percent of the space. The bulk, or 67 percent of the built space, is in Manhattan, with Queens next at 33 percent of the space.
The surrounding
This is the first commercial real estate event of interest identified within the 400-foot radius of 25 East 36 Street in the past 24 months.
Direct link to the property’s ACRIS page and link to DOB NOW portal.