A real estate developer who funneled tens of thousands of dollars to Eric Adams’ successful mayoral campaign four years ago is set to take over a city-owned lot in Coney Island, raising questions about the selection process.
The company Rybak Development, run by CEO Sergey Rybak, was selected to develop the lot, located a block from the beach, by the New York City Economic Development Corporation, an entity overseen by the mayor. The firm plans to build a high-rise with 505 apartments at the site by 2030, with a quarter of the units reserved for low- and middle-income renters under city rules, according to a project description.
Rybak has a track record of building in and around Coney Island. He was also an early supporter of Adams’ mayoral bid, eventually compiling more than $28,000 from company employees, subcontractors and associates for Adams’ 2021 campaign. But as Gothamist first reported, he was not registered as a “bundler,” or intermediary, as is required by campaign finance law…