Baruch Singer borrows $8M from Vernon Capital Funding for property in Ocean Parkway

Baruch Singer through the entity Triangle 613 LLC as borrower signed a loan agreement with lender Vernon Capital Funding LLC valued at $8.0 million for 1 parcel, including the tax class miscellaneous institutional (I9) at 1508 Coney Island Avenue in Ocean Parkway. The deal closed on January 14, 2020 and was recorded on January 23, 2020.
Singer filed a new building permit application totaling 147,077 square feet for a 10-story commercial building.

The average loan per buildable square foot is $54.
The last time the property sold was December 6, 2006, when Singer bought a package of eight parcels for $27,000,000. This new loan covers just one parcel. A Bank Leumi loan for $16 million covers this parcel and seven others that were part of the 2006 purchase.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link