In a pandemic, competition is particularly tough. Rybak Development & Construction knew that the namesake sea breezes wafting from nearby beaches — along with the smells of Nathan's hot dogs from the iconic Coney Island amusement park nearby — wouldn't necessarily clinch the deal for renters at the 112-unit Sea Breeze Tower it was building. That's despite its distinctive look in a long-established neighborhood of older lower-rise buildings.
The project at 221 Sea Breeze Ave. opened in January 2021, and the developer said environmental features helped spur interest from renters.
Sustainability data: According to the U.S. Green Building Council, Sea Breeze Tower is the newest and one of just five Brooklyn apartment properties certified platinum, the highest rating attainable under the organization’s LEED program. It is the first such building in the South Brooklyn enclave.
Firm founder and Principal Sergey Rybak said the property’s apartments were fully leased 10 months after leasing started in October 2020. Units within the property’s 8,000 square feet of commercial space were all leased up within 18 months, faster than expected considering early pandemic conditions that severely slowed apartment and commercial lease-ups in New York City.
Affordability: Rybak said 30% of apartments in the 20-story property are designated affordable units, priced 30% below market rates for qualified residents based on household income. That was an important drawing card in a South Shore Brooklyn region where the vacancy rate is a tight 1.7% and rents have risen 2.1% in the past year, with just under 570 apartments in the construction pipeline, according to CoStar data.
What they’re saying: Fresh air circulation was a crucial design consideration when Sea Breeze Tower was being planned in 2017, which proved prescient with the arrival of the pandemic and a new work-from-home climate in early 2020. “Each individual unit has its own fresh-air control system, which we’ve found has been extremely important to the residents,” Rybak said.
CoStar's Impact Awards highlight the commercial real estate transactions and projects that have transformed their markets over the past year. The winners are chosen by independent panels of industry professionals who work in the markets they judge. A list of judges can be found here and the criteria for selecting winners can be found here.