High-Rise Development in Coney Island Sparks Concerns Over Conflicts of Interest
The New York City Economic Development Corporation (NYCEDC) has awarded a lucrative contract to Rybak Development, led by CEO Sergey Rybak, to build a 505-unit high-rise on a city-owned lot in Coney Island. The project is expected to be completed by 2030 and will include a quarter of the units reserved for low- and middle-income renters. However, the selection process has raised eyebrows due to Rybak's history of bundling contributions for Eric Adams' mayoral campaign four years ago.
In 2021, Rybak funneled tens of thousands of dollars to Adams' successful mayoral bid through his company employees, subcontractors, and associates. While he was not registered as a "bundler" under campaign finance law, his actions were seen as an attempt to curry favor with the mayor's office. The donations helped unlock over $42,000 in public funds through the city's 8-to-1 matching program.
Critics argue that Rybak's selection for the contract highlights the lingering impact of alleged corruption and pay-to-play schemes in the Adams administration. "The problem with the corruption at City Hall is you can't tell a clean deal from a dirty deal," said John Kaehny, head of Reinvent Albany, a good government group. "Rybak is an accomplished real estate developer who knows the turf. The question is: would he have gotten the contract without the contributions? We just don't know."
NYCEDC spokesperson Erica Gould denied any favoritism and stated that Rybak was selected based on his proposal's strength and vision for the project. However, many are questioning whether the city's selection process is transparent enough to prevent similar conflicts of interest in the future.
Rybak Development has a track record of building in Coney Island, including a 499-unit apartment complex and a 112-unit tower. The new project, dubbed Tilyou Towers, will be named after George Tilyou, who founded the original Steeplechase Park.
The New York City Economic Development Corporation (NYCEDC) has awarded a lucrative contract to Rybak Development, led by CEO Sergey Rybak, to build a 505-unit high-rise on a city-owned lot in Coney Island. The project is expected to be completed by 2030 and will include a quarter of the units reserved for low- and middle-income renters. However, the selection process has raised eyebrows due to Rybak's history of bundling contributions for Eric Adams' mayoral campaign four years ago.
In 2021, Rybak funneled tens of thousands of dollars to Adams' successful mayoral bid through his company employees, subcontractors, and associates. While he was not registered as a "bundler" under campaign finance law, his actions were seen as an attempt to curry favor with the mayor's office. The donations helped unlock over $42,000 in public funds through the city's 8-to-1 matching program.
Critics argue that Rybak's selection for the contract highlights the lingering impact of alleged corruption and pay-to-play schemes in the Adams administration. "The problem with the corruption at City Hall is you can't tell a clean deal from a dirty deal," said John Kaehny, head of Reinvent Albany, a good government group. "Rybak is an accomplished real estate developer who knows the turf. The question is: would he have gotten the contract without the contributions? We just don't know."
NYCEDC spokesperson Erica Gould denied any favoritism and stated that Rybak was selected based on his proposal's strength and vision for the project. However, many are questioning whether the city's selection process is transparent enough to prevent similar conflicts of interest in the future.
Rybak Development has a track record of building in Coney Island, including a 499-unit apartment complex and a 112-unit tower. The new project, dubbed Tilyou Towers, will be named after George Tilyou, who founded the original Steeplechase Park.
I think this is a classic case of "well-intentioned but poorly executed" 
. On one hand, we have Rybak Development bringing in much-needed housing to Coney Island, which is an area that desperately needs investment. But on the other hand, the perception of corruption and cronyism surrounding the selection process is a major concern 
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. As a city, we need to find ways to balance these competing interests without sacrificing our values or integrity. Maybe it's time for some reforms in our selection process? 
? I mean, $42k in matching funds from public money because of some campaign contributions? That's not right! As a parent, you want your kids to grow up in a place where they're treated fairly and not swayed by who's got the most dough 
. And what about those low- and middle-income renters? Will they be getting a fair shot at affordable housing too? 
I just don't think this project is adding up...
. It's like, what about the best proposal? Do we really want to give favors to people who can afford to play the game? 
... like seriously can't we do better than just letting people with sketchy pasts get contracts willy-nilly? 
Rybak's whole situation is just so dodgy - he funnels cash to Adams' campaign and suddenly gets a sweetheart deal? 
... meanwhile, what about all the low- & middle-income renters who are supposed to benefit from this project? Are they just an afterthought or what? 
This whole thing smells like corruption to me and I don't think we should be celebrating this development anytime soon 
I just think it would be better to get some more info about how NYCEDC chooses who gets these contracts so we can trust that everyone is playing fair... 
. You can't just ignore the fact that he funneled cash to Adams' team and now gets a multi-million dollar contract 
. We need to make sure our city's selection processes are fair and unbiased 
. Can't have one person getting a sweetheart deal just because they've got the right connections 
.
is it even surprising that someone with ties to the mayor gets a contract? 
how do we even know Rybak wouldn't have gotten the contract if he hadn't thrown around some cash for Adams' campaign? 
. We should keep an eye on it and see how things go down 
. Tilyou Towers might become a beautiful addition to Coney Island, but we need to make sure it doesn't come at the cost of fairness and accountability 
.
. Can't we have a more reliable system in place to prevent these issues from arising in the first place? I guess only time will tell how this whole project unfolds 
. If someone's been bundling contributions and getting preferential treatment, that raises questions about whether they'd have gotten the contract without all those "helpful" donations 
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. And what about the transparency? 
.
Like, he's not even registered as a bundler, but his company is still getting rewarded with a big contract! 
. I need more info on this one, fam 
. What if Rybak wasn't even supposed to get that contract and it was all just a favor? 
it's like they're trying to play us all for fools. i mean, come on nycedc can't you see what's going on here? or is everyone too busy lining their pockets to care? 
. I mean, it's not like he didn't have some cash to toss at Eric Adams' campaign back in 2021 