Personally, I run 2/9/19 on masteries getting all the CDR from that as I can. I run Magic Pen reds, a mix of armor and armor/lvl yellows, 3 CDR blues and the rest scaling MR, and also MS Quints. I start the game with 10 CDR.
Itemization wise, RoA and Seraph's are still pretty core on him. After those are completed or on the way, Luden's and Deatcap are good choices as his AP ratios are decent when you are spitting out Q's every other spell with your passive. 3 .55 ratios in 2 1.5 seconds is a 1.65 AP. Void staff is always strong against high MR targets. If you feel like you need resistances, Abyssal and Banshee's are really good MR options. As far as Armor is concerned, you can always still get FH, but I think now you have better options in Randuin's and Thornmail. Thornmail will benefit from Magic Pen, so I like the item on Ryze. Getting a second RoA is fun and still effective. And Guardian Angel is a good defensive item for multiple damage types.
On a side note, Tear stacks REALLY fast on the new Ryze. So I don't see why we couldn't see the old Athene build:
:P
Anyway. That's what I think about how you should build Ryze. I love that they give him CDR as it really opens up his build path now. He used to have 3 core items and it has been narrowed down to 2, which allows for more creativity from those who play him. Ryze can actually do well against high magic damage teams and lane opponents now because he doesn't have to build FH (only good against AD opponents). Play around with Ryze and see what you like. He has more options now. Good luck and have fun. Peace.