Rybak JV secures $52M construction financing for new Midtown condo development

NEW YORK, August 15, 2024 – JLL Capital Markets announced today it has arranged $52 million in construction financing for 133 East 55th St., a ground-up luxury apartment development rising in Manhattan’s Midtown East neighborhood.

JLL represented a joint venture between Rybak Development and BK Developers to secure the financing from Emerald Creek Capital, a Manhattan-based bridge lender that provides short-term loans secured by real estate in primary markets nationwide.

The project currently stands 12 stories and will rise a total of 21 stories upon completion. It will offer 31 luxury condominium units with 2,460 square feet of retail and 1,272 square feet of community facility space on the ground floor.

Designed by Zproekt Architecture, the property will feature one-, two- and three-bedroom layouts, with all three-bedroom units featuring full floor plans, as well as one three-bedroom duplex penthouse. Amenities will include a spa complex with a sauna, steam room and plunge pool. Additionally, there will be a fitness center, bicycle storage, package room and an outdoor recreation area.

The sponsor has engaged the Eklund/Gomes team at Douglas Elliman as sales agent for the new development. Sales are anticipated to begin in September 2025.

Scheduled for completion in the winter of 2025, 133 East 55th St. is one of only a handful of new luxury residential condominium deliveries that will arrive in Midtown East over the next few years. Its location will offer residents a charming neighborhood filled with dining and entertainment options and convenient commutes to an abundance of Manhattan employers and recently delivered trophy office assets that include One Vanderbilt and 425 Park Ave.

The JLL Capital Markets team was led by Robert Tonnessen and Aaron Niedermayer.

“Rybak and their partners continue to execute and deliver top tier residential product in a challenging capital markets environment. Their vision, speed, and knowledge of what their future residents want is hard to replicate. This will be a great project to watch come online,” said Tonnessen.

“133 East 55th St. will be ideally positioned to capture demand from high-income individuals seeking luxury living steps from their work in Midtown,” added Niedermayer. “It was a pleasure to once again work with these highly experienced sponsors and we are excited to see the project’s success.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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