June 21, 2017
Rybak Development acquired 271 Sea Breeze Ave., a development site in the Brighton Beach section of Brooklyn.
The prior owner of the site defaulted on their mortgage to Madison Realty Capital. Rybak bid for the property in 2015, but was not able to acquire the note on the property until January 2017.
“It was a long journey, but we were able to assure that they’d be able to secure control of the property by first obtaining the note and eventually the deed,” said Erik Yankelovich, for GFI Realty Services, which also arranged seller financing from Madison.
Rybak is now working with Zproekt Architecture on creating a 22-story high-rise building, with 114 luxury condos, 32,000 square feet of community facility space and 200 parking spots.
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