NYCEDC Selects RYBAK Development as Developer for Major Housing Project on Coney Island West

NEW YORK—New York City Economic Development Corporation announced on Oct. 28 that 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 more than 500 units of mixed-income housing, 25% 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, estimated at more than $350 million, 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% designated affordable at a blended average of 80% AMI—ranging from 40% AMI to 100% 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.”

“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.”

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 more than 1,700 new units of housing, a majority of which are affordable units and are either completed or under construction.

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.

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.