The New York City Economic Development Corporation (NYCEDC) announced that they awarded development rights to 80,000 square feet in Coney Island to RYBAK Development Oct. 28.
Parcel A, owned by the city and NYCEDC, at Surf Avenue between West 21st and West 22nd streets, is currently used mostly for public parking.
The real estate firm will develop a 505 unit mixed-use residential and retail tower worth $350 million. The project was designed by IMC Architecture.
The two 28-story towers will be named Tilyou Towers after George Tilyou, founder of Steeplechase Park.
EDC said that 25 percent of the units will be affordable and over 30,000 square feet will be dedicated to ground floor retail space.
Construction is expected to begin in 2027 with a completion by 2030. In addition, 160 spaces of public parking will be maintained during construction and replaced as part of a new structured parking garage once development is complete.
“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,” said Mayor Eric Adams. “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 of the best places to raise a family.”
The plan is part Adams’ vision to Coney Island that includes 1,500 new homes, the reconstruction of Riegelmann Boardwalk, and new investments in streets, sewers, and public realm improvements, including a $42 million renovation of the Abe Stark Sports Center.
“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 and CEO Andrew Kimball.
Eagle Urban Media/file Photo
“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,” said RYBAK Development CEO and Principal Sergey Rybak.
Elected officials and local leaders also stressed how important the development will be for the neighborhood.
“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,” said Councilmember Justin Brannan.
“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.”
“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 income 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.”
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