Valley National Bank Lends $28M on Midtown East Condos

Rybak Development has landed $28.1 million of construction financing to build a condominium development in Manhattan’s Midtown East neighborhood, Commercial Observer has learned.

Valley National Bank provided the loan for the developer’s planned 11-story condo building at 218 Madison Avenue. Rybak, which is led by Sergey Rybak and Jason Reznik, acquired the site, which formerly housed a retail building, for $12 million from Sapir Organization two years ago, Traded reported at the time.

Meridian Capital Group arranged the transaction with a team led by Scott Miller and Rael Gervis. 

Miller said in a statement that the deal “underscores the confidence lenders continue to have in New York real estate and affirms that development in the city remains very much alive.”

Located on the corner of East 36th Street and Madison Avenue, the 25-unit property will encompass 41,000 square feet. Community amenities will include a fitness center, spa with steam room, sauna, and cold-plunge pool. 

“Valley was pleased to assist Rybak Development with the construction financing for their project at 218 Madison Avenue and look forward to another successful collaboration,” Christopher Gregg, first senior vice president, department head – New York commercial real estate at Valley National Bank, said in a statement.

Officials at Rybak Development did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com