Baruch Singer signs $92M construction loan with Parkview Financial for office project in Midwood

Baruch Singer through the entity Triangle 613, LLC as borrower signed a new construction loan with lender Parkview Financial through the entity Parkview Financial Reit, Lp valued at $92 million for the office project at 1508 Coney Island Avenue in Midwood, Brooklyn.
The deal closed on April 28, 2022 and was recorded on May 18, 2022. The prior lender was Vernon Capital Funding and Valley National Bank which held debt that had an original loan amount of $38 million. The property has 191,106 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $282 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on December 6, 2006, for $27 million. The signatory for Baruch Singer was Baruch Singer. The signatory for Parkview Financial was Paul Rahimian.

The property

The 1508 Coney Island Avenue parcel has frontage of 340 feet and is 100 feet deep with a total lot size of 34,000 square feet. The zoning is C8-2 which allows for up to 2 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $4.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $350 in OATH penalties in the last year.

Development

On these lots, there is one active new building construction project for a 146,814-square-foot office (B) building. The project was developed by Baruch Singer with plans filed December 12, 2017 and permitted November 25, 2019.

The neighborhood

In Midwood, the bulk, or 44 percent of the 44.6 million square feet of commercial built space are 1-4 family buildings, with residential elevator buildings next occupying 34 percent of the space. In sales, Midwood has had very little sales volume relative to other neighborhoods with $141.4 million in sales volume in the last two years. For development, Midwood has had very little major development activity relative to other neighborhoods.It had 335,909 square feet of commercial and multi-family construction under development in the last two years, which represents 0.75 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 11 commercial properties representing 191,106 square feet of the 297,906 square feet. The identified owner is Baruch Singer.

The majority, or 52 percent of the 364,303 square feet of built space are specialty buildings, with residential walkup buildings next occupying 20 percent of the space.

Surrounding

PincusCo has not identified any commerial real estate items of interest within a 400-foot radius of 1508 Coney Island Avenue that occurred over the past 24 months.

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