Rybak Development has been selected by the New York City Economic Development Corporation (NYCEDC) to lead a new housing project in Coney Island. The project, located on Surf Avenue between West 21st and 22nd Streets, will include 505 mixed-income residential units.
This initiative is part of the city’s broader strategy to address housing needs and revitalize Coney Island. It follows an earlier request for proposals issued by the mayor’s office seeking a developer for a site intended for around 500 housing units. The city aims to create nearly 10,000 housing units on public 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 as public parking from the city. Of the 505 planned units, 25 percent will be designated as permanently affordable, targeting residents earning between 40 percent and 100 percent of the area median income.
Sergey Rybak, CEO of Rybak Development, estimated that the project would cost over $350 million. He noted that developers were required to privately finance their proposals under the city’s guidelines and confirmed that the project would qualify for the 485-x tax abatement program. Rybak pointed out his company’s local experience in underwriting this deal, referencing another nearby rental building with similar scale recently launched.
“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 unit sizes are being planned to attract residents from across Brooklyn.
The development will span approximately 800,000 square feet and gain an additional 175,000 square feet in development rights from the neighboring Coney Island Amphitheater. Plans also include ground-floor retail space totaling 32,000 square feet, structured parking facilities, and about 65,000 square feet of indoor and outdoor amenities.
Brooklyn-based IMC Architecture will partner on design work for the project. Construction is expected to begin in 2027 with completion anticipated by 2030.
The announcement comes near the end of Mayor Eric Adams’ term. His administration has promoted zoning reforms under the City of Yes for Housing Opportunity initiative designed to make it easier to build more housing throughout New York City—potentially enabling up to 80,000 new units across various neighborhoods. Melissa Román Burch, NYCEDC chief operating officer, highlighted reduced residential parking requirements as a key factor making such developments feasible.
Named Tilyou Towers after Steeplechase Park’s founder, this project is part of wider efforts involving public works investments and partnerships between government agencies and private companies aimed at revitalizing Coney Island.
Rybak attributed much of this progress to recent infrastructure upgrades: “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,” he said. “Prior to that, this amount of housing would not have been possible.”
Looking ahead, New York City plans continued investment in Coney Island through its capital plan—allocating over $1 billion through 2032 for improvements along its beach and boardwalk areas. These investments follow earlier efforts such as a major rezoning led by NYCEDC in 2009 intended to spur neighborhood revitalization through infrastructure spending.
Recent years have seen two affordable housing projects open in Coney Island West since 2019; another is set for completion in 2028. In June this year, $90 million was announced toward a separate affordable development by BFC Partners comprising about 420 units.
The upcoming Tilyou Towers complex will feature an eleven-story podium flanked by two towers rising twenty-eight stories each; planned amenities include an infinity-edge pool alongside recreational spaces like lounges and playgrounds.
