NYCEDC Selects RYBAK Development as Developer for Key Housing Project on Coney Island West
RYBAK Development has won New York City Economic Development Corporation’s competition to develop the coveted, 80,000-square foot Coney Island West Parcel “A” into a $350 million mixed-use residential/retail complex with 505 rental units, designed by IMC Architecture. Rendering by IMC Architecture
RYBAK to Build Over 500 Units of Mixed-Income Housing, 25 Percent Will Be Affordable
Announcement Builds on Mayor Adams’ Commitment to Reinvigorate Coney Island, Including 1,500 New Homes, Investment in the Reconstruction of the Riegelmann Boardwalk, and Renovation of Abe Stark Sports Center
Brooklyn, NY – New York City Economic Development Corporation (NYCEDC) today announced RYBAK Development to lead the next phase of development on Coney Island West, which will convert “Parcel A” – an 80,000-square-foot lot used primarily for public parking and owned by the City and NYCEDC – into over 500 units of mixed-income housing, 25 percent of which will be affordable. Named Tilyou Towers, for George C. Tilyou, founder of Steeplechase Park, and designed by Brooklyn-based IMC Architecture, the development will also provide ground-floor retail space and replace existing public surface parking with new public structured parking.
The development of “Parcel A,” located on Surf Avenue between West 21st and West 22nd Streets, west of the iconic Coney Island Amusement District, builds off the Adams Administration’s and NYCEDC bold new vision for the next phase of Coney Island. First announced in Mayor Adams’ fourth State of the City Address and advanced in a February 2025 announcement, this vision includes 1,500 new homes, reconstruction of the historic Riegelmann Boardwalk, and new investments in streets, sewers, and public realm improvements, including a $42 million renovation of the Abe Stark Sports Center. The city will renovate the Abe Stark Sports Center and the world-famous Coney Island boardwalk and enhance the public realm by building new streets and utilities. The Abe Stark Center renovation will include a new entrance and signage on the boardwalk, improved ice-skating facilities, and other amenities.
NYCEDC selected RYBAK Development following a competitive Request for Proposal (RFP) process. With construction expected to start in 2027 – and a goal of the project being complete by 2030 – RYBAK’s vision for Parcel A includes:
- 505 units of mixed-income housing, with 25 percent designated affordable at a blended average of 80 percent AMI – ranging from 40 percent AMI to 100 percent AMI;
- 160 spaces of public parking maintained during construction and replaced as part of a new structured parking garage once development is complete; and
- 30,000+ square feet of ground floor retail space.
“For too long, finding a home in Coney Island has been a rollercoaster ride; our administration promised to change that by building hundreds of new affordable homes to help more New Yorkers raise their family in this beloved neighborhood,” said New York City Mayor Eric Adams. “Tilyou Towers will not only honor an iconic New Yorker whose energy and efforts still shape our city today; it will give 500 families a new home and, once again, demonstrate how we are the most pro-housing administration in city history. Through historic investments in new infrastructure, as well as in the Abe Stark Sports Center and the Riegelmann Boardwalk, our administration is showing our commitment to making Coney Island a safer, more affordable place to live that is one the best places to raise a family.”
RYBAK Development’s residential/retail complex, designed by IMC Architecture, will feature an 11-story “podium” section and two 28-story towers. The podium will have a large outdoor tenant amenity rooftop terrace on the 11th floor, including an infinity-edge swimming pool overlooking the Atlantic Ocean, lounge, gaming area, children’s playground, pet-friendly facilities and kitchen. Indoor amenities will be located on the fifth floor. Rendering by IMC Architecture
“Creating a true year-round, mixed-use district in Coney Island West is anchored by housing,” said Deputy Mayor for Housing, Economic Development, and Workforce Adolfo Carrión Jr. “With RYBAK redeveloping Parcel A into new mixed-income homes and the city investing in public spaces, streets, and community amenities, we’re laying the foundation for a neighborhood that honors its past and builds opportunity for its future.”
“Coney Island West is a vibrant and historic neighborhood that attracts visitors from around the world while providing economic opportunity and recreational space for local families, and we are thrilled to partner with RYBAK to deliver hundreds of new homes and new amenities to the community,” said NYCEDC President & CEO Andrew Kimball. “Utilizing public land for housing is a critical way to increase our supply, and between today’s announcement and other projects underway across the neighborhood, Coney Island will continue to be a thriving, iconic New York City neighborhood for tourists and locals alike.”
“I am excited and grateful to NYCEDC for selecting our firm’s proposal,” said RYBAK Development CEO and Principal Sergey Rybak. “We project the total development cost of Tilyou Towers to exceed $350 million. Our firm will develop an approximately 800,000-square-foot mixed-use complex comprising 383 market-rate and 122 affordable rental residences, along with new structured parking spaces, 65,000 square feet of indoor and outdoor amenities and 32,000 square feet of retail and community space.”
“The project demonstrates a strong commitment to sustainability, targeting Passive House standards to sharply reduce energy use and carbon impact,” added RYBAK Development Principal Jason Reznik. “Guided by RYBAK, IMC Architecture’s design incorporates green roofs, on-site solar panel array and robust flood-resilience measures. The residences will be all-electric and the towers will feature triple-glazed windows and a rainscreen façade for exceptional energy efficiency and sound attenuation performance.”
“The new building’s sand-toned and taupe façade will reference warm hues of the sun and nearby ocean beaches, while undulating lines of varied-sized windows on the structure’s corners will remind the passersby of ocean waves,” said IMC Architecture Principal Eugene Mekhtiyev, AIA, LEED GA. “The 3,000-square-foot public plaza in front of the building will feature extensive landscaping, a trellis-type canopy, seating and curated art. It will serve the neighborhood residents as well as nearly six million annual visitors to Coney Island’s attractions.”
Parcel A will deliver the first phase of housing as part of the city’s larger commitment to advance the development of approximately 1,500 new homes in Coney Island on city-owned surface parking lots near the boardwalk, Maimonides Park – home of the Brooklyn Cyclones – and the Abe Stark Center. Development of this area, known as “Coney Island West,” began with the construction of two affordable housing projects —Vets Place and Raven Hall — which opened in 2019 and 2022, respectively. An additional affordable housing project — Luna Green — is currently under construction on the same block and estimated to be complete in 2028. New streets — including Ocean Way and Parachute Way — will accompany development, and ground-floor retail will provide new neighborhood amenities. Next month, NYCEDC will release an RFP to operate and enhance Seaside Park Community Arts Center, which includes the historic Childs Building and Amphitheater, further anchoring the western boardwalk’s cultural offerings. The result will be a vibrant beachfront district where Coney residents and visitors live, work, and play. Additionally, “Coney Island North” will provide over 1,700 new units of housing, a majority of which are affordable units and are either completed or under construction.
Today’s announcement marks even further progress toward housing development under Mayor Adams’ historic Executive Order 43 issued in August 2024 requiring city agencies to identify potential city-owned sites for housing. To date, the Adams Administration has advanced plans for 9,750 new homes across 11 city-owned properties, including Parcel A. Development of city-owned sites contributes to the over 426,000 homes already created, preserved, or planned under the Adams Administration. In addition to Parcel A, NYCEDC is planning to build thousands of new homes on city-owned sites like 100 Gold Street, Gansevoort Square, the site of the former Flushing Airport, among others.
“When we talk about the kind of investment Coney Island deserves, this is what we mean: affordable housing stock that serves and complements the existing community, public spaces, and local businesses,” said New York City Councilmember Justin Brannan. “Responsibly adding affordable housing is one of the biggest steps we can take towards making sure our families want to and can afford to stay and build legacies in our communities. Just as with the earlier phases of development in Coney Island west, I’m proud to help bring this major community victory across the finish line.”
“The Alliance for Coney Island welcomes the continued investment from the public and private sectors that has created a resurgent and resilient Coney Island,” said Alliance for Coney Island Executive Director Daniel Murphy. “Over the last several years the unprecedented development in Coney Island has led to thousands of new homes for residents at all incomes levels while expanding and modernizing street level retail units to attract stores, restaurants, professional service providers and entertainment venues that the neighborhood’s residents and visitors desire and deserve.”
“This project represents more than new housing—it’s a commitment to building a stronger, more inclusive future for Coney Island,” said Brooklyn Chamber of Commerce President and CEO Randy Peers. “By bringing mixed-income homes, modern infrastructure, and new amenities to this historic neighborhood, we’re investing not just in buildings, but in the people who call this community home. Projects like Tilyou Towers ensure that Coney Island remains a vibrant, affordable, and a welcoming place for generations to come.”
Architecture
The Tilyou Towers’ name commemorates George Cornelius Tilyou, a prominent Brooklyn businessman, who founded Steeplechase Park in Coney Island. Tilyou established one of America’s most famous amusement parks in 1897, which featured mechanical rides, funhouses and the signature simulated steeplechase horse race game.
The concrete structure rental building will feature an 11-story “podium” section and two 28-story towers. The podium will have a setback on the eighth floor as well as a large outdoor tenant amenity rooftop terrace on the 11th floor, including an infinity-edge swimming pool overlooking the Atlantic Ocean, lounge, gaming area, children’s playground, pet-friendly facilities and kitchen. Indoor amenities will be located on the fifth floor.
The rainscreen-type façade will be composed of a brick veneer in a “beach sand” color on the podium section and metal panels in two harmonized sand-tone and ecru colors on the towers. Adding dimension and visual interest, the windows will be surrounded by “shadow box” framing jutting out of the façade. Aluminum window frames will be finished in bronze color.
The Tilyou Towers will house a variety of units, including 80 studios, 173 one-bedroom apartments, 166 two-bedrooms and 86 three-bedroom residences. The retail section will be located on both Surf Avenue and Ocean Way. Residential entrances will be included on both West 21st and West 22nd Streets, with additional smaller receiving lobbies on those blocks as well.
The street level will house retail spaces and a parking garage. Second and third floors will feature a parking garage, while the fourth floor will house a combination of apartments and parking spaces. All floors above will have residential units and tenant amenity spaces.
The project team will also include RYBAK Senior Project Manager Dan Russell and Project Manager Snezhka Chausheva as well as zoning and permitting consultant CORE Consultants.
NYCEDC
New York City Economic Development Corporation is a mission-driven, nonprofit organization that works for a vibrant, inclusive, and globally competitive economy for all New Yorkers. We take a comprehensive approach, through four main strategies: strengthen confidence in NYC as a great place to do business; grow innovative sectors with a focus on equity; build neighborhoods as places to live, learn, work, and play; and deliver sustainable infrastructure for communities and the city’s future economy. To learn more about what we do, visit us on Facebook, Twitter, LinkedIn, and Instagram.
RYBAK Development
RYBAK Development is a leading New York City real estate development, construction and property management firm specializing in multi-family, condominium, commercial and mixed-use projects. With a focus on new ground-up development, RYBAK’s developments include the most prominent current and recent mid- to large-scale projects across the New York City metropolitan area.
The company is recognized for the consistent quality and efficiency of its work as well as a vertically integrated model—from acquisition and financing through construction and operations. The firm’s principals invest their own equity in every project, driving tighter cost control, stronger stakeholder returns and the agility to navigate changing markets.
RYBAK’s portfolio spans more than 5.4 million square feet and over 1,600 units, including 28 completed ground-up projects. The firm is currently leasing the three-tower, 499-unit Sky Three Residences Club at 532 Neptune Avenue, just a few blocks from the Tilyou Towers.
IMC Architecture
Three principals established IMC in 2015, following accomplished careers at leading regional and national firms: Eugene Mekhtiyev, AIA, LEED GA; Jonathan Imani, AIA, NCARB and Dominick Casale, AIA, NCARB. In addition to architectural work, the firm offers interior design services. www.imcarchitecture.com.
Known for quality design, contemporary aesthetic, technical acumen and zoning expertise, the firm works predominantly in the multi-family, education, commercial, workplace, healthcare, worship, retail and hospitality markets. IMC is one of the pioneers of the modular design and construction technology in New York City and the surrounding region. The firm also operates an affiliated zoning and expediting consultancy CORE Consultants.
The studio’s portfolio features nearly ten million square feet of architectural design and consulting projects, totaling more than $3 billion in construction value. IMC’s market-rate and affordable multi-family projects include the 41-unit 550 Prospect Place and 16-unit 701-703 Lafayette Avenue in Brooklyn; 155-unit Bronx Vibe at 289-299 East 161st Street and 34,000-square foot Croton Residence in the Bronx, NY; 70-unit The Grand and 73-unit NewRo rental properties in New Rochelle, NY; 82-unit The Carrol in Brooklyn, NY; and multiple upgrades to the 37-story, 807-unit 63-67 Wall Street luxury rental property in Manhattan.
