Rybak Development has been selected by the New York City Economic Development Corporation (NYCEDC) to lead a new housing project in Coney Island. The decision follows a request for proposals issued by the mayor’s office eight months ago, seeking a developer for a 500-unit residential project on Surf Avenue between West 21st and 22nd Streets.
This initiative is part of broader city plans that include significant investments in affordable housing, improvements to the historic Coney Island Boardwalk, and renovations to local facilities such as the Abe Stark Sports Center. The city aims to create nearly 10,000 housing units on publicly owned land, with 1,500 of those planned for Coney Island West.
“Utilizing public land for housing is a critical way to increase our supply,” said NYCEDC president and CEO Andrew Kimball.
Rybak Development will purchase an 80,000-square-foot parcel currently used for public parking. The company intends to build 505 mixed-income apartments, with 25 percent designated as permanently affordable at income levels ranging from 40 percent to 100 percent of the area median income.
Sergey Rybak, CEO of Rybak Development, estimates the cost of the project will exceed $350 million. He explained that developers were required to privately finance their proposals and noted that this project will be eligible for the city’s 485-x tax abatement program. Rybak highlighted his firm’s experience in the neighborhood: he referenced another nearby rental building recently launched with nearly 500 units.
“Coney Island has been historically overlooked due to the lack of new development that is comparable with other areas in Brooklyn that have buildings which are highly-amenitized and located in proximity to transportation,” Rybak said. He added that larger units are planned in hopes of attracting residents from across Brooklyn.
The planned development covers approximately 800,000 square feet and will receive an additional allocation of development rights from the adjacent Coney Island Amphitheater. It will feature ground-floor retail space, structured parking, and indoor and outdoor amenities totaling about 65,000 square feet. Construction is scheduled to begin in 2027 with completion expected by 2030. IMC Architecture will collaborate on design work.
The announcement comes near the end of Mayor Eric Adams’ term. His administration’s City of Yes for Housing Opportunity zoning reforms are projected to enable construction of up to 80,000 more homes throughout New York City by easing certain restrictions such as residential parking requirements—a factor cited by NYCEDC chief operating officer Melissa Román Burch as making this particular development possible.
Named Tilyou Towers after Steeplechase Park’s founder, this project is part of ongoing efforts involving public investment and partnerships aimed at revitalizing Coney Island. “This particular development is only possible due to the remapping of streets and introduction of a new street which will complete the four sides of the property as well as the needed flood and storm upgrades,” said Sergey Rybak. “Prior to that, this amount of housing would not have been possible.”
The city’s capital plan includes over $1 billion allocated through 2032 for further improvements along Coney Island’s beach and boardwalk areas. Previous rezoning efforts dating back to 2009 laid groundwork for these developments but resulted in limited housing production until recent years when two affordable projects opened in Coney Island West—with another set for completion in 2028—and additional subsidies announced for supportive housing initiatives.
Tilyou Towers will consist of an eleven-story podium flanked by two twenty-eight-story towers featuring outdoor amenities such as an infinity-edge swimming pool, lounge areas, gaming spaces, and playgrounds.
