Rybak gets $16M construction loan from Valley National for UES development

Rybak Development through the entity 126 East 86th Street Development LLC as borrower signed a loan agreement with lender Valley National Bank valued at $16.2 million for 1 parcel, including the tax class bank building with or without parking (K7) at 124 East 86th Street in the Upper East Side. The deal closed on November 2, 2020 and was recorded on November 27, 2020.

Rybak bought the bank building owned for more than 100 years by JPMorgan Chase and predecessors, for $26 million. The debt is a construction loan.

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.