Rybak Development plans 9-unit building in Yorkville

Rybak Development submitted a new building construction project for a nine-unit, 29,829 square-foot residential (R-2) building at 502 East 81st Street in Yorkville, Manhattan. The plan was filed with the New York City Department of Buildings on January 30, 2024 under job number M00990455. It calls for the construction of a 10-story building. The project is described in the filing as: new residential building. Sergey Rybak, founder of Rybak Development, filed the plans. The architect is Zproekt Architecture.
Rybak Development has several projects under development in Manhattan.

The property

The most recent loan totaled $6.3 million and was provided by Maxim Capital Group on December 22, 2023.

Prior sales and revenue

Lot 49 and lot 149 were sold by Townhouse Management Company for $10.4 million to Rybak Development on June 29, 2023.

Violations and lawsuits

According to city public data, the property has received $4,000 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 Yorkville, The majority, or 61 percent of the 26.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Yorkville has near average sales volume among other neighborhoods with $477.3 million in sales volume in the last two years and is the 20th highest in Manhattan. For development, Yorkville has near average amount of major developments among other neighborhoods and is the 31st highest in Manhattan. It had 424,820 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 10 commercial properties representing 142,763 square feet of the 648,961 square feet. The largest owner is Arbor Management Acquisition Company Aka Amac Holdings, followed by Parkoff Organization and then Rybak Development. On the tax block, there were two new building construction projects totaling 60,871 square feet. The largest is a 23-unit, 31,042 square-foot residential (R-2) building submitted by Mitchel Maidman with plans filed August 8, 2017 and it has not been permitted yet. The second largest is a nine-unit, 29,829 square-foot residential (R-2) building submitted by Sergey Rybak with plans filed January 30, 2024 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 $344.3 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 owners according to the Department of Housing Preservation and Development includes Mitchel Maidman, head officer and Tony Conte, agent. The business entity is Wmf 502 East 81st Llc.

The surrounding

Within a 400-foot radius of 502 East 81st Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months. One of those two items was a sale which Rita Kalimian Sakhaie bought the 56,064-square-foot, 68-unit rental (D1) on 440 East 81st Street for $19.6 million from Albert Kalimian, Debra Kalimian, and Justin Amirian on May 25, 2022. One of those two items was a loan which Henry Moses Jr. borrowed $6.5 million from JPMorgan Chase secured by the 16,047-square-foot, 30-unit rental (C7) on 512 East 80th Street on October 4, 2022.

Direct link to the property’s ACRIS page and link to DOB NOW portal.