Parkview Financial seeks $54M from Baruch Singer over delayed yeshiva, office in Midwood

Lender Parkview Financial alleges a $92 million construction loan provided to Baruch Singer’s Triangle 613 LLC, for the development of a 215,661-gross-square-foot development at 1508 Coney Island Avenue in Midwood, Brooklyn, is in default. The lender is seeking payment of a guaranty, not filing a foreclosure. The building at the corner of Avenue L is to be the home to a yeshiva, as well as retail, office and medical space.
This suit comes two months after Singer sued Parkview, alleging it was not funding the project, as The Real Deal reported at the time.

Court filings represent the position of one party and are not necessarily accurate or complete.

Case 651988/2024 LINK

According to the complaint, the parties agreed on August 4, 2023, that the loan was not in balance, but despite that the lenders continue to fund the construction, and as of the lawsuit filing, lenders have disbursed $91.95 million.

According to the complaint, “Nevertheless, since November 2023, Borrower has failed to make monthly interest payments due and payable under the Note. To date, Borrower has failed to pay monthly interest payments, together with late charges and default interest, on the Note in the aggregate amount of $8,246,440.10”

On February 20, 2024, the lender issued a default letter and on April 16, 2024, issued an acceleration letter. “The amount due and owing under section 1(c) of the Guaranty, exclusive of attorneys’ fees and collection costs, is $54,246,440.10 consisting of (1) $8,246,440.10 in unpaid interest, late charges, and default interest; and (2) $46,000,000.00 representing the Guaranteed Principal Portion.” Baruch Singer filed a summons against Parkview on February 21, 2024, alleging the lender was dragging its feet on funding, but that case has not been issued an index number.

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. On the tax block, there was one new building construction project filed totaling 146,814 square feet. It is a 146,814 square-foot business (B) building submitted by Baruch Singer and filed by Baruch Singer with plans filed December 12, 2017 and permitted June 25, 2019.

The owner

The PincusCo database currently indicates that Baruch Singer owned at least four commercial properties in New York City with 256,619 square feet and a city-determined market value of $23.6 million. (Market value is typically about 50% of actual value.) The portfolio has $146.2 million in debt, with top three lenders as Parkview Financial, Bank Leumi, and Berkshire Bank respectively. Within the portfolio, the bulk, or 74 percent of the 256,619 square feet of built space are specialty properties, with mixed-use properties next occupying 15 percent of the space. The bulk, or 74 percent of the built space, is in Brooklyn, with Manhattan next at 26 percent of the space.

The surrounding

This is the first commercial real estate event of interest identified within the 400-foot radius of 1023 Avenue L in the past 24 months.

Direct link to the property’s ACRIS page and link to DOB NOW portal.