City-Owned Coney Island Lot to Be Developed by Developer Who Funneled Tens of Thousands to Adams' Campaign
A real estate development company with ties to former Mayor Eric Adams is set to build a high-rise complex in Coney Island, but questions remain about the selection process. Rybak Development, led by CEO Sergey Rybak, was chosen to develop the city-owned site by the New York City Economic Development Corporation.
Rybak has previously contributed tens of thousands of dollars to Adams' campaign, despite not being registered as a bundler or intermediary under campaign finance law. The contribution came from company employees, subcontractors, and associates, totaling more than $28,000. Rybak's company has a history of developing properties in Coney Island and is scheduled to break ground on the site by 2030.
The project will include 505 apartments, with a quarter reserved for low- and middle-income renters. However, concerns have been raised about the selection process, given Adams' administration's history of alleged corruption and pay-to-play schemes involving real estate developers. The New York City Economic Development Corporation claims that Rybak was selected based on his proposal alone, but watchdogs say it's unclear whether he would have received the contract without the donations.
"This is a classic case of pay-to-play," said John Kaehny, head of Reinvent Albany. "We can't tell a clean deal from a dirty deal when corruption runs so deep in City Hall." Rybak maintained that his company was the best qualified and provided the most competitive bid, but there are still unanswered questions about the role of campaign finance in the selection process.
The contributions made by Rybak's company helped unlock public funding through the city's 8-to-1 matching program, amounting to over $42,000. However, the Campaign Finance Board has no record of Rybak's involvement in organizing these payments, which could be a violation of local election rules.
A real estate development company with ties to former Mayor Eric Adams is set to build a high-rise complex in Coney Island, but questions remain about the selection process. Rybak Development, led by CEO Sergey Rybak, was chosen to develop the city-owned site by the New York City Economic Development Corporation.
Rybak has previously contributed tens of thousands of dollars to Adams' campaign, despite not being registered as a bundler or intermediary under campaign finance law. The contribution came from company employees, subcontractors, and associates, totaling more than $28,000. Rybak's company has a history of developing properties in Coney Island and is scheduled to break ground on the site by 2030.
The project will include 505 apartments, with a quarter reserved for low- and middle-income renters. However, concerns have been raised about the selection process, given Adams' administration's history of alleged corruption and pay-to-play schemes involving real estate developers. The New York City Economic Development Corporation claims that Rybak was selected based on his proposal alone, but watchdogs say it's unclear whether he would have received the contract without the donations.
"This is a classic case of pay-to-play," said John Kaehny, head of Reinvent Albany. "We can't tell a clean deal from a dirty deal when corruption runs so deep in City Hall." Rybak maintained that his company was the best qualified and provided the most competitive bid, but there are still unanswered questions about the role of campaign finance in the selection process.
The contributions made by Rybak's company helped unlock public funding through the city's 8-to-1 matching program, amounting to over $42,000. However, the Campaign Finance Board has no record of Rybak's involvement in organizing these payments, which could be a violation of local election rules.
This deal is sketchy at best. I mean, come on, Rybak's company gets tens of thousands from Adams' campaign and suddenly they're the go-to guy for Coney Island development? 
It doesn't add up. And what about those campaign finance laws that say who's donating to whom? Apparently, Rybak's people funneled the cash in a way that avoids transparency 
. I'm not saying Adams is corrupt or anything, but this just smells like more of the same old pay-to-play nonsense we've seen before. And what about those 505 apartments? Will they all be affordable for low- and middle-income renters? 
The city's got a history of screwing over its own people when it comes to development, so I'm not holding my breath on this one... 
I mean I'm all for progress and growth but come on, $28k from Rybak's company to Adams' campaign? 
I guess only time will tell if this project is gonna bring in some awesome amenities for Coney Island residents, but from where I'm standing, it looks sketchy 
It feels like a classic case of pay-to-play, but is it just paranoia or is there actually something fishy going on here? 
Rybak's got some serious explaining to do about those $28k contributions and how they played into his bid. And what's up with the 8-to-1 matching program? Like, we're supposed to trust that it's all transparent and above board... or is this just another example of crony capitalism in NYC? 
but this Coney Island deal is sketchy atm. doesn't sound right that rybak just got the contract w/o any major controversy 
. i mean, if adams' campaign finance rules are so lax, it's no wonder u get pay-to-play schemes like this happening 
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