Rybak Development & Construction

Some developers need an extensive staff on each of their jobs, but not Rybak Development & Construction. “We run an incredibly lean operation in terms of how we set up these projects,” President Sergey Rybak asserts. 

And instead of hiring a subcontractor to complete foundation, superstructure, waterproofing or roofing, Rybak Development performs these tasks on its own. “[That] makes us incredibly competitive, in terms of our ability to deliver a building for much less than the industry standard,” he says.

Based in Brooklyn, N.Y., Rybak Development provides concrete superstructures for mid-rise residential and mixed-use projects, and often develops them on its own. Rybak founded the company in 2007 and started by taking on renovation and foundation repair projects.

“We discovered that concrete work seemed to be a specialty with a relatively decent margin,” he recalls, noting that the company today primarily focuses on residential work in Brooklyn. “We do between 50 to 100 condominium units per year.” 

Rybak Development also saves the end-user’s money by using products “that are 20 to 30 percent on the cost side, below what the industry is used to,” he adds. “That allows us incredible flexibility in terms of what we are able to charge a client for a residential unit.”

Making His Mark

A longtime veteran of the industry, Rybak is a graduate of New York University with a degree in Economics. 

“I have also taken every imaginable course at the NYU School of Professional Studies that offers non-credit courses with all facets of the construction and real estate industry,” he says. “Instead of getting a job on Wall Street like some of my peers, I decided the construction industry is where I wanted to set my mark.”

When developing his own projects, Rybak considers multiple important factors. 

“You have to make sure you’re buying the land for an amount that makes financial sense,” he says. “You can’t get into a project and know that it is financially unfeasible.”

The company also looks for projects where it can incorporate a mixed-use component and architecturally pleasing features. “We really always try to look for a project that ... could influence the aesthetic of the area,” he states.

In the Heart

Rybak Development’s current projects include the development of a $25 million residential condominium property in Brooklyn. The location was once the site of the The El Greco Diner located in the heart of Sheepshead Bay, Rybak says.

“Last year, my partner and I were able to make a deal with the owner of the property and convinced him to sell it to us,” he recalls. The site, he adds, faces a canal that makes it a very popular destination in the spring and summer. 

“The whole street is [often] lined with fishing boats,” Rybak says, noting that there are also many restaurants in the region. “It’s an incredibly popular street.”

The finished structure will set itself apart with its design, which includes leaning, exposed concrete walls and a rooftop pool. “It’s an incredible departure from the red brick architecture that has plagued South Brooklyn,” he states. “It’s a more edgy, modern design that will change this area for years to come.”

All Sold Out

Rybak Development also is nearing completion on 3041 Ocean Avenue, another condo development in Brooklyn. “It’s a nine-story building with 40 residential units,” Rybak says, noting that residents will be greeted by a doorman.

“It’s a building that’s very luxurious for the middle-class customers,” he continues. “The cost will be somewhere around $550,000 per unit.”

So far, 3041 Ocean is 90 percent complete. Additionally, “The entire building is sold out and spoken for,” Rybak says. “This is due to the fact that we have a very good marketing team that allows us to attract clients prior to the completion of the building.”

This approach is a good fit for the company’s development strategy. “When you have a large building, you don’t want to expose all the units at the end,” he says. “You want to keep your inventory exhausted as possible prior to the completion of the building.”

Catching the Wave

Rybak also is proud of its 104 Wave Condo project in South Brooklyn. The building is a seven-story mixed-use project with 48 residential units. “The building has an exterior facade assembly that resembles an ocean wave,” he describes. “We’re about 70 percent complete.” 

Sales began a month ago, but it is already 75 percent sold, Rybak adds. “The building is generating tremendous interest,” he states. “There’s nothing else like that in the area.

“When you go across the street, you see the same old, tiring architecture,” Rybak continues, noting that the company strives to develop projects for the middle class that would normally be built in affluent areas. “If we’re able to bring a similar product, it’s a recipe for success.”

Rybak Development recently broke out of the residential market with Match Point NYC, a sports and fitness club. “It is a very unique project,” Rybak says, noting that the company was contracted as a construction manager to build the second-biggest sports facility in Brooklyn.

Today, the location features a 30,000-square-foot gym, nine full-size tennis courts, an Olympic-sized pool, an observation deck area and a rhythmic gymnastics academy. “We were able to complete it in 18 months time,” he recalls. “Now, it’s an incredibly successful, multi-sports complex that serves the South Brooklyn community.”

Continuing to Innovate

Rybak Development is finding the real estate market to be more competitive, Rybak says. “The end-user is also now expecting and demanding more of a high-caliber product,” he says.

This makes things challenging for the company, he admits, as it strives to provide the right product for the customer, but at the same cost that it charged last year. “We have to find continuous ways of innovating without increasing the cost to the end-user,” he says. “It’s been a challenge, since in the last 10 years products have changed drastically.”

The lack of appreciation in Rybak Development’s market also does not help because the company strives to maintain a competitive edge as well as provide a very appealing product. 

“My challenge is to continuously innovate and do the same thing over and over,” he states.

Rybak Development’s attempts to innovate include working with a LEED consultant on the El Greco project to make it one of the greener projects in Brooklyn. “We’re always on the cutting-edge of our local area,” he says. “Every product has to deliver a uniqueness factor.” 

Planning for Expansion

Rybak predicts further growth for his company. “We see ourselves expanding in terms of developing a bigger pipeline of work,” he says, noting that the company plans to build a high-rise. “What we’re developing will be a 20-story building.” 

The company also plans to stay focused on projects in Brooklyn. 

“We have a great handle on what this area’s expectations are and this is the area that we want to continue doing business in,” Rybak explains. “[We’ll] continue being more innovative and do more groundbreaking products.” 

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