A New York developer has scored a $92 million loan to finish a project which is billed as the largest speculative office building in Brooklyn’s Midwood neighborhood. — Urbanize New York
The construction loan was granted to Baruch Singer, whose Triangle 613, LLC will use the funding 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 mid-construction. The development is approximately 35 percent underway, with completion expected in October 2023. As detailed by Parkview Financial Founder and CEO Paul Rahimian, the financing will be used to pay off two existing loans on the project with the remainder going towards completing construction.
According to the lenders, more than 30% of pre-leasing commitments are already in place, with the project garnering a variety of tenant prospects including a co-working office, medical office, health and wellness spaces, a restaurant, and supporting ancillary commercial retail uses.
3 Comments
It's... the biggest speculative office project in.... Midwood?
Wow this is a lower income neighborhood IIRC. Good work bringing jobs and offices to the area.
Kind of interesting and almost good
Block this user
Are you sure you want to block this user and hide all related comments throughout the site?
Archinect
This is your first comment on Archinect. Your comment will be visible once approved.