A real estate developer who funneled tens of thousands of dollars to Eric Adams’ successful mayoral campaign four years ago is set to take over a city-owned lot in Coney Island, raising questions about the selection process.
The company Rybak Development, run by CEO Sergey Rybak, was selected to develop the lot, located a block from the beach, by the New York City Economic Development Corporation, an entity overseen by the mayor. The firm plans to build a high-rise with 505 apartments at the site by 2030, with a quarter of the units reserved for low- and middle-income renters under city rules, according to a project description.
Rybak has a track record of building in and around Coney Island. He was also an early supporter of Adams’ mayoral bid, eventually compiling more than $28,000 from company employees, subcontractors and associates for Adams’ 2021 campaign. But as Gothamist first reported, he was not registered as a “bundler,” or intermediary, as is required by campaign finance law.
Several top Adams administration officials have been investigated and charged over alleged corruption and pay-to-play schemes involving real estate. And government watchdogs say the new deal highlights the lingering impact that alleged corruption and influence-peddling schemes can have on future transactions between campaign donors and agencies controlled by the mayor.
“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 the good government group Reinvent Albany. “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.”
Rybak told Gothamist on Wednesday that his company was the “best qualified and provided the most competitive bid.”
“Any and all political contributions that were ever made were made way before any announcement was made for any RFP,” or request for proposals, to develop the city-owned site, he added.
The contributions Rybak helped gather unlocked the potential for more than $42,000 in public funds through the city’s 8-to-1 matching program, but the city’s Campaign Finance Board said it had no record of Rybak’s role organizing the payments, as required under local election rules.
One 2019 fundraiser held by Rybak delivered at least $8,000 for Adams before thousands more in matching funds kicked in, Gothamist found. But the Campaign Finance Board said it also had no details of the event — another potential violation of city rules.
Rendering of Rybak Development's planned high rise in Coney Island.
The city’s Campaign Finance Board stopped awarding Adams’ 2025 campaign any matching funds after he was investigated for alleged bribery and kickbacks by the Department of Justice. Rybak did not donate to the 2025 campaign, records indicate.
New York City Economic Development Corporation spokesperson Erica Gould denied any favoritism and said “Rybak was selected for the strongest proposal and its comprehensive vision for the next phase of development” at the site.
The developer has been active in South Brooklyn since 2007 and has constructed a 499-unit apartment complex on Neptune Avenue and a 112-unit tower on Sea Breeze Avenue. The firm’s website says it has completed 28 different projects with 1,600 units across the city.
The new project will be called Tilyou Towers in honor of George Tilyou, who founded the original Steeplechase Park.
