Development of a 10-Story Retail/Office Project
Parkview Financial closed a $92 million construction loan to Triangle 613, LLC for the development of a Class A office and retail project located at 1498-1538 Coney Island Avenue in Brooklyn, NY. The 10-story building will total 215,379 gross square feet (sf) and is situated on .78-acres. Parkview’s loan was originated mid-construction and the development is approximately 35% underway with anticipated completion 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, CEO and Founder of Parkview Financial. “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.”
1498-1538 Coney Island Avenue will be the largest speculative office/retail building in Brooklyn’s Midwood neighborhood with many of the surrounding commercial property being much older B- and C-Class low-rise structures. The retail component is planned for nearly 51,000 sf of rentable space and will be located below-grade (cellar), as well as on the first three floors. Office and community facility space will total approximately 112,000 rentable square feet on floors two through 10. The project will also feature a unique Unitronics designed 267-space automated parking system.
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.
The property is located on the northwest corner of Coney Island Avenue and Avenue L in the Midwood neighborhood of Brooklyn. Midwood is bordered by the neighborhoods of Flatlands to the east, Midwood Park and Kensington to the north, Homecrest to the south and Mapleton to the west. The project is a 10-minute walk from the Q subway line accessible at either the Avenue J or Avenue M subway station and several major bus lines are within a two-block radius.
Triangle 613, LLC is an entity of Baruch Singer, an individual that has been involved in real estate for over 20 years and specializes in the purchase of vacant land, buildings, and occupied buildings in Manhattan, Brooklyn, Queens, and Long Island. Singer has owned and managed more than 3,000 residential units throughout Manhattan.
Aaron Birnbaum and Elliott Kunstlinger of Meridian Capital Group arranged the financing for the loan.