Rendering of the structure that will stand at 1497-1538 Coney Island Avenue in Brooklyn. Image: Parkview Financial
A New York developer has secured a $92 million loan to complete a project billed as the largest speculative office building in Brooklyn’s Midwood neighborhood.— Urbanizing New York
The construction loan was granted to Baruch Singer, whose Triangle 613, LLC will use the financing to develop a 10-story, 215,379 square foot Class A office and retail building located at 1497-1538 Coney Island Avenue in Brooklyn , New York. The loan from private lender Parkview Financial came amid construction. The development is approximately 35% underway and is expected to be completed in October 2023. As detailed by Parkview Financial founder and CEO Paul Rahimian, the funding will be used to repay two existing loans on the project, with the remainder going to upon completion of construction.
According to the lenders, more than 30% of pre-lease commitments are already in place, with the project attracting various tenant prospects, including a coworking office, a medical practice, health and wellness spaces, a restaurant and premises. auxiliary salespeople. retail uses.