Longtime Sheepshead Bay diner will become a condo December 29, 2014

Crain’s NY Business | Daniel Geiger

Rybak Development & Construction acquired El Greco Diner, a 40-year-old establishment in the Brooklyn neighborhood, and its adjacent parking lot for $13 million and plans to replace it with a residential development.

A famous Brooklyn eatery is meeting the same demise as many other well-known establishments in the city: It will be replaced with a new condo development.

Rybak Development & Construction, a prolific residential builder in south Brooklyn, has purchased the 40-year-old El Greco Diner in Sheepshead Bay for $13 million. Rybak plans to raze the diner and construct a 90,000-square-foot condo building with ground-floor retail space in its place.

The diner and its large parking lot occupy a full block at 1821 Emmons Ave. The Venetoklis family, who recently announced they were shuttering the Sheepshead Bay staple, owned and operated the property since the 1970s.

The deal is the third that Rybak has done in the neighborhood in the past two years. The firm purchased 3041 Ocean Ave. for roughly $4 million in 2013, and is in the process of developing a 60,000-square-foot condo project there. It is also constructing a 100,000-square-foot residential building at 108 West End Ave. in Manhattan Beach, just south of Sheepshead Bay.

“They’re building a little empire in an area of the city that is really changing,” said Erik Yankelovich, a broker with GFI Realty who handled the sale of both 1821 Emmons Ave. and 3041 Ocean Ave. “Prices in south Brooklyn are half of what they are in places like Williamsburg, and you’re seeing young professionals moving there.”

Mr. Yankelovich also helped arrange a $12 million construction loan for Rybak’s project at 3041 Ocean Ave. in September, and is now working to help the company secure construction financing for 1821 Emmons Ave.

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