Yorkville Condo Tower Nears Completion as $69.4 Million Sellout Comes Into Focus
New York, USA | September 26, 2026: A new 11-story condominium tower at 500 East 81st Street in Manhattan's Yorkville neighborhood is nearing completion, with scaffolding and protective netting coming down to reveal its finished exterior. The project, developed by Rybak Development, is expected to be completed in early 2027 and carries a projected sellout value of $69.4 million.
The development brings ten full-floor condominium residences to a site that previously housed a hotel, laundromat and diner. Its progress offers another example of how redevelopment is reshaping established residential neighborhoods on Manhattan's Upper East Side.
Scaffolding Removal Reveals the Building's Exterior
The removal of scaffolding and black netting has exposed the building's light gray stone façade, rounded corner windows and balconies featuring precast concrete and black metal panels.
The 11-story tower stands at the southeast corner of York Avenue and East 81st Street. Designed by S20M and Zproekt Architecture, the building has a reported height of 100 feet.
The completed façade differs from earlier renderings, which showed fluted panels that were not included in the finished exterior.
From Former Hotel Site to Luxury Condominium Tower
The property was previously occupied by the Gracie Inn Hotel, a one-story laundromat and a diner. Rybak Development purchased the site for $10.4 million in June 2023.
The developer subsequently secured a $26.5 million loan from Maxim Capital to finance the project. The site itself measures 3,104 square feet, while reported figures for the building's total area have varied in earlier coverage.
Construction is expected to be completed in early 2027, subject to the project's remaining work.
Ten Full-Floor Residences With Private Outdoor Space
The building is planned to contain ten condominium units, including a penthouse. The residences are designed as full-floor, four-bedroom homes, offering private elevator access and ceilings ranging from 10 to 12 feet.
Interior finishes are expected to include honed marble, hand-finished hardwood and imported limestone. Kitchens are equipped with Miele and Sub-Zero appliances, while private terraces and balconies provide outdoor space.
A landscaped rooftop deck is also planned above the 11th floor.
Fitness Center, Sauna and Ground-Floor Retail
The development's planned amenities include a lobby, fitness center, steam room and sauna, with a shower separating the steam room and sauna.
The project also includes a parking garage and ground-floor retail space, adding residential and commercial uses to the York Avenue site.
Sales and marketing are being handled by the Eklund | Gomes Team, affiliated with Douglas Elliman Real Estate.
A Projected Sellout of $69.4 Million
The condominium project carries a projected sellout of $69.4 million. This figure represents the anticipated value of unit sales, rather than confirmed revenue from completed transactions.
As the building approaches completion, the progress of sales and the timing of closings will be important indicators of demand for its full-floor luxury residences.
Yorkville's Residential Development Activity Continues
The tower is part of a broader wave of residential development and conversion activity in Yorkville and the Upper East Side.
Nearby, closings have begun at The Strathmore, a rental-to-condominium conversion by Related Companies, while 255 East 77th Street is also nearing completion.
The Q train's 86th Street station, near Second Avenue and East 83rd Street, provides subway access for residents. With construction at 500 East 81st Street moving toward its expected 2027 completion, attention will turn to the final delivery of the residences and the pace of sales.