Rybak signs $26.5M construction loan with Maxim for 9-unit project in Yorkville

Rybak Development through the entity 502 East 81st Street Development LLC as borrower signed a new construction loan with lender Maxim Capital Group through the entity Maxim Credit Group, LLC valued at $26.5 million for the nine-unit residential elevator development project at 500 East 81st Street, also known as 502 East 81st Street, in Yorkville, Manhattan.

Rybak Development’s Sergey Rybak filed the plane, M00990455, for a nine-unit, 29,829 square-foot residential (R-2) building on January 30, 2024 and it was permitted March 7, 2025.
The loan closed on May 22, 2025 and was recorded on June 4, 2025. The prior lender was Maxim Capital Group which held debt that had an original loan amount of $6.3 million. The property has 30,113 square feet of built space and 931 square feet of additional air rights for a total buildable of 31,040 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $880 and the price per buildable square foot is $853 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 owner bought the property on June 29, 2023, for $10.4 million. The signatory for Rybak Development was Sergey Rybak . The signatory for Maxim Capital Group was Eric Sadkin .

The property

The parcel has frontage of 25 feet and is 51 feet deep with a total lot size of 3,104 square feet. The zoning is R10 which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $5.3 million. The most recent loan totaled $6.3 million and was provided by Maxim Capital Group on December 22, 2023.

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 two DOB violations, $12,500 in ECB penalties, and $13,700 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of seven of the 10 commercial properties representing 319,079 square feet of the 648,961 square feet. The largest owner is Dean Palin, 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, M00990455, is a nine-unit, 29,829 square-foot residential (R-2) building submitted by Rybak Development and filed by Sergey Rybak with plans filed January 30, 2024 and permitted March 7, 2025.

The majority, or 93 percent of the 648,961 square feet of built space are elevator buildings, with walkup buildings next occupying 4 percent of the space.

The borrower

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 $406.4 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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