Coney Rocks | June 14, 2017
Rybak buys Chaim Miller’s Brighton Beach site, plans 22-story tower
Sergey Rybak picked up a troubled Brighton Beach development site once owned by Chaim Miller and plans to build a 22-story apartment building.
Rybak closed on the purchase of 271 Sea Breeze Avenue on June 7 for $13.5 million, six months after buying the defaulted debt on the development site. GFI Realty’s Erik Yankelovich and Yosef Katz brokered the January deal.
“As the marketplace becomes more competitive it is important to fight for the right location!” Rybak said in a statement.
The planned tower will include 114 apartments, 32,000 square feet of community space and 200 parking spots.
In January 2016, Rybak filed plans for a $77 million condo project on the site of the former El Greco Diner in nearby Sheepshead Bay. It’s the priciest condo offering to ever hit the neighborhood, which developers are increasingly targeting due to relatively inexpensive land prices.
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