Home News Rybak, Century File Plans for Queens Apartment Projects

Rybak, Century File Plans for Queens Apartment Projects

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Left to right: George Xu of Century Development’s Group and Sergey Rybak of City/Rybak Development with 78-29 Austin St./11-36 45 Road (Crunchbase, Michael McWeeney)

Two suburban real estate developers have each submitted plans to build over 200 homes in Queens.

Sergey Rybak reback development and George Shu’s Century Development Group Separate filings were filed Monday to build a combined 280,000-square-foot building in Forest Hills and Long Island City.

Rybak’s Brooklyn-based company is building a 150,000-square-foot multifamily project at 78-29 Austin Street in Forest Hills.Ribak I bought a development site For $21 million from Kew Forest School last month.

a complex called Austin, consists of 91 luxury residential units on six floors. Approximately 132,000 square feet will be dedicated to apartments, while the remaining space will house facilities such as spas, lounges, gyms and recreation rooms.

According to the permit application, Rybak is also considering building a 41,000-square-foot community facility, which will bring the project to over 191,000 square feet. The complex has parking spaces for his 123 cars.

Construction is expected to be completed in the third quarter of next year. Valley Bank is his Rybak lender on the project.

Rybak did not respond to a request for comment by press time. real We were unable to determine if your project is eligible for the recently expired 421a tax relief. If not, Rybak is considering building a condominium rather than a rental building.

According to a permit application, Queens-based Xu’s firm is looking to build a $13 million, 130,000 square foot project at 11-36 45th Road in Long Island City. The seven-story building houses 119 apartments over 80,000 square feet.

This includes 23,000 square feet of community facilities and 52 spaces of parking.century bought the property for $26 million in 2019, according to city records.

Other Queens of the Century housing project Includes a 15-story, 310-room, 350,000-square-foot property at 33-66 Farrington Street, Flushing and an eight-story, 109-unit, 99,000-square-foot building at 148-33 88 Avenue, Jamaica.

Century and project designer Raymond Chan did not immediately respond to requests for comment on whether the 421a could qualify and when construction would begin.

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