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RYBAK Development Lands $71M for Queens Resi Condo 

RYBAK Development has landed $71 million in construction financing for The Austin, a condominium project in Forest Hills, Queens. The 98-unit development is located at the corner of Austin Street and 78th Avenue. The financing was secured from Valley National Bank.  

The seven-story luxury condominium will feature one- to four-bedroom apartments and three-bedroom duplex townhomes. Scheduled for completion in Q4 2024, The Austin will offer amenities such as a 75-foot infinity lap pool, rooftop garden, indoor basketball court, pickleball court, fitness center, and children’s playroom.  

JLL arranged the financing with a team led by Robert Tonnessen and Aaron Niedermayer. 


Inside The Story

Robert Tonnessen

About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.

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