RYBAK Development Lands $71M Loan for Queens Project
The 98-unit luxury property will be located in the Forest Hills neighborhood.
A rendering of The Austin upon completion. Image courtesy of RYBAK Development
RYBAK Development has secured $71 million in construction financing for its latest multifamily project in Queens, N.Y. Valley National Bank provided the construction loan, which will be used to develop The Austin. JLL Capital Markets’ Robert Tonnessen and Aaron Niedermayer arranged the financing.
Construction on The Austin has begun, with the community expected to be complete in the fourth quarter of this year. Once completed, the seven-story condo project will offer 98 units in one-, two-, three- and four-bed floorplans, along with three-bed duplex townhouses and three- and four-bed penthouse options. Most of the units will have private outdoor spaces. The community’s amenities will include a lap pool, rooftop garden, indoor basketball court, pickleball court, fitness center and a children’s playroom, as well as lounges.
Located at 78-29 Austin St., the community is less than a block away from the MTA’s Kew Gardens-Union Turnpike station, which provides residents with a 25-minute commute to Manhattan. The Austin is also located a few blocks away from the Kew Gardens stop for the Long Island Rail Road, also connecting the neighborhood to Manhattan. The Austin is located in two of the borough’s major parks, Forest Park and Flushing Meadows Corona Park.
Multi-borough focus
In 2019, RYBAK completed QNS44, a seven-story, 50-unit community also located in Queens. Since being founded in 2007, the development company has expanded its portfolio to include more than 5.4 million square feet of residential and commercial real estate in New York City through development, acquisition or management.
A majority of RYBAK’s portfolio includes multifamily developments in Brooklyn, but the company has also completed communities in Manhattan’s Upper East Side and East Harlem neighborhoods. Currently, the company is working on 532 Neptune Ave., a 499-unit luxury community near Brooklyn’s Coney Island. That project is expected to be completed in late spring 2026.
