Rybak bucks 485x slump with 500-unit Coney Island development
Rybak Development is gearing up for a massive development on its home turf. The Coney Island-based developer filed plans with the Department of Buildings on Tuesday to build a 527-unit mixed-use development in the historic Brooklyn neighborhood it calls home. The project, dubbed Tilyou Towers, will redevelop a city-owned parking lot at 2108 Surf Avenue into a 28-story, 850,000-square-foot apartment building with ground-floor retail. Plans for the project buck the trend of developers capping their residential projects at 99 units to avoid the wage floor set by the 485x tax incentive. The abatement requires developers to pay a construction wage […]
This article originally appeared on The Real Deal. Click here to read the full story.
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