Rybak Development pays $4M for dev site in Boerum Hill

Rybak Development through the entity 157 Smith Street LLC paid $4 million to BK Developers and Semyon Vays through the entity Boerum Hill Property Holdings, LLC for the six-unit residential elevator building (D7) at 157 Smith Street in Boerum Hill, Brooklyn.
On the lot, there was a major alteration construction project, 321496412, to add two floors to a three-story building for a total of six residential units in a 6,018 square-foot residential (R-2) building. The project was submitted by Lenny Vays with plans filed December 16, 2016 and permitted April 16, 2018. However, no above-ground floors remain of the original building.
The deal closed on March 13, 2026 and was recorded on March 19, 2026.
The seller bought the property on November 18, 2016, for $3.8 million. The signatory for BK Developers and Semyon Vays was Mark Zeldin . The signatory for Rybak Development was Sergey Rybak . The contract date was January 9, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Rybak Development purchased two properties in two transactions for a total of $13.3 million and sold two properties in two transactions for a total of $7.9 million over the past 24 months.
The seller BK Developers had not purchased any other properties and had not sold any properties over the same time period. The 10,900-square-foot property generated revenue of $654,523 or $60 per square foot, according to the most recent income and expense figures.

The property

The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $811,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation and $440 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of nine of the 17 commercial properties representing 48,879 square feet of the 78,456 square feet. The largest owner is Alexander Freedman, followed by Maribel Agosto and then Laura Hobgood.
There are no active new building construction projects on this tax block.

The majority, or 59 percent of the 78,456 square feet of built space are walkup buildings, with mixed-use buildings next occupying 41 percent of the space.

The seller

The PincusCo database currently indicates that Semyon Vays owned at least eight commercial properties with four residential units in New York City with 71,819 square feet and a city-determined market value of $14.5 million. (Market value is typically about 50% of actual value.) The portfolio has $13.9 million in debt, borrowed from Valley National Bank and First Central Savings Bank. Within the portfolio, the bulk, or 73 percent of the 71,819 square feet of built space are P9 properties, with retail properties next occupying 21 percent of the space. They are all located in Brooklyn.
The PincusCo database currently indicates that Bk Developers owned at least one commercial property with 22 residential units in New York City with 34,736 square feet and a city-determined market value of $3.7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Queens.

The buyer

The PincusCo database currently indicates that Rybak Development owned at least nine commercial properties with 190 residential units in New York City with 116,283 square feet and a city-determined market value of $46.4 million. (Market value is typically about 50% of actual value.) The portfolio has $466.8 million in debt, with top three lenders as Valley National Bank, MF1 Capital, and Emerald Creek Capital respectively. Within the portfolio, the bulk, or 32 percent of the 116,283 square feet of built space are elevator properties, with development properties next occupying 30 percent of the space. The bulk, or 68 percent of the built space, is in Manhattan, with Queens next at 30 percent of the space.

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