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.
Baruch Singer, the individual behind the entity Triangle 613, LLC, will use the funding for a new 10-story, 215,379-square-foot Class A building now rising at 1498-1538 Coney Island Avenue. Work is roughly 35 percent finished, with completion expected in October 2023.
“Parkview’s financing is being used to pay off two existing loans on this project with remaining costs allocated to complete construction,” said Paul Rahimian, chief executive of Parkview Financial, which provided the loan. “The prime location sits along a major retail corridor in South Brooklyn and should garner high interest from the local community. As a result, this will make it major destination for high-end retail and office as well as providing much-needed parking.”
With more than 30% of pre-leasing commitments already in place, the project has had interest from a variety of tenant prospects including but not limited to co-working office, medical office, health and wellness, and restaurant and supporting ancillary commercial retail uses.
According to Parkview, more than 30 percent of the building is preleased, and has seen interest from a mix of tenants that includes co-working spaces, medical offices, and restaurant uses.
The project site sits at the northwest corner of Coney Island Avenue and Avenue L, roughly a 10-minute walk from the Q train.