Baruch Singer ups debt to $39M at office development project in Midwood

Baruch Singer increased debt on his property by $500,000, to a total of $39 million including $25 million in a first mortgage with Bank Leumi and $14 million in a second mortgage with Simon Yaghoubi’s Vernon Capital Funding. Singer is developing a large commercial project with the address 1508 Coney Island Avenue in Midwood.

In the recent transaction, Singer through the entity Triangle 613, LLC as borrower signed a loan agreement with lender Bank Leumi valued at $25 million for 1 parcel, including the tax class miscellaneous institutional (I9) at 1538 Coney Island Avenue in Ocean Parkway. The deal closed on June 30, 2020 and was recorded on July 14, 2020.

Singer upped the debt to $39 million. He has an additional $14 million in a second mortgage loan from Simon Yaghoubi’s Vernon Capital Funding.

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.There has been one new building permit application totaling 147,077 square feet.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Correction: An earlier version of this post published an incorrect neighborhood name. It has been corrected to Midwood.