Rybak Development pays $9.7M to Catholic nonprofit for dev site in Lenox Hill

Rybak Development through the entity 248 East 62nd Street Development LLC paid $9.7 million to Catholic Near East Welfare Association through the entity Catholic Near East Welfare Association for the specialty building (M3) at 248 East 62nd Street in Lenox Hill, Manhattan. The expected use is ground up development.
The development site could have nearly 41,000 square feet of development rites, as PincusCo exclusively reported in March 2025 after the property went into contract.

A set up for the property at 248 East 62nd Street proposes a residential condominium building with 40,968 square feet of residential space if the buyer obtains 6,828 square feet of offsite inclusionary housing certificates. That equates to about $237 per square foot.
The deal closed on September 3, 2025 and was recorded on September 11, 2025. Excluding the offsite development rights, the property has 7,178 square feet of built space and 26,970 square feet of additional air rights for a total buildable of 34,140 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,351 and the price per buildable square foot is $284 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on July 2, 2010, for $4 million. The signatory for Catholic Near East Welfare Association was Peter I. Vaccari. The signatory for Rybak Development was Sergey Rybak . The contract date was February 12, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Rybak Development purchased two properties in two transactions for a total of $15.6 million and sold three properties in three transactions for a total of $10.7 million over the past 24 months.
The seller Catholic Near East Welfare Association purchased one property in one transaction for a total of $2.8 million and had not sold any properties over the same time period.

The property

The specialty building in Lenox Hill has 7,178 square feet of built space and 26,970 square feet of additional air rights for a total buildable of 34,140 square feet according to a PincusCo analysis of city data. The parcel has frontage of 34 feet and is 100 feet deep with a total lot size of 3,414 square feet. The zoning is C2-8 which allows for up to 2 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 $8.4 million.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $9.7 million judgment concerning a leave to sell filed on March 18, 2025, by Catholic Near East Welfare Association against Rybak Development and Natalia Sorkin. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 13, 2012. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Lenox Hill, The bulk, or 34 percent of the 53.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 30 percent of the space. In sales, Lenox Hill has the highest sale turnover among other neighborhoods in the city with $4.5 billion in sales volume in the last two years. For development, Lenox Hill has 2.4 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Manhattan. It had 3.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the nine commercial properties representing 66,962 square feet of the 105,267 square feet. The largest owner is Robert Stone, followed by Wendy Jaffe and then Sol Goldman Investments.
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 105,267 square feet of built space are elevator buildings, with mixed-use buildings next occupying 26 percent of the space.

The buyer

The PincusCo database currently indicates that Rybak Development owned at least seven commercial properties with 188 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 $432.9 million in debt, with top three lenders as Valley National Bank, MF1 Capital, and Emerald Creek Capital 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.

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