218 Madison Ave

Rybak Development, led by Sergey Rybak, has filed plans to demolish a four-story commercial building at 218 Madison Avenue in Midtown South. The proposed 11-story multifamily project, spanning 24 to 28 units, suggests a condominium development due to the challenges of building rental projects in NYC. The property was acquired by Alex Sapir in 2015 for $18.5 million, with plans for a luxury residential development, which changed in 2019. Rybak purchased the site for $12 million, indicating a swift turnaround. Rybak and Ruby Schron’s Cammeby’s International Group secured $252 million financing for a mixed-use project in Coney Island in 2023.