Rybak Development pays $26M to JPMorgan Chase for UES development property

Rybak Development through the entity 126 East 86th Street Development LLC paid JPMorgan Chase Bank $26 million for 124 East 86th Street in the Upper East Side. The deal closed on November 2, 2020, and was recorded on November 27, 2020. The transaction consists of 1 parcel, including the tax class bank building with or without parking (K7).

The contract date was January 23, 2020. Rybak filed plans on November 4, 2020, for a 32-unit, mixed-use building at the site.  The existing bank building is more than 100 years old, and was built for the Corn Exchange Bank, with plans described in the New York Times in 1914. The signatory for the buyer was Sergey Rybak

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $571,359.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA.