Lester Bleckner & Shaw LLP, a boutique full-service real estate law firm, announced it has represented Triangle 613, LLC in the securing of a $92 million construction loan for a mixed-use commercial new development located at 1508 Coney Island Avenue in the Midwood neighborhood of Brooklyn. The loan was provided by Parkview Financial REIT, LP.
“The development at 1508 Coney Island Avenue in Brooklyn is an exciting project that has been in the works for more than a decade; it will be a welcome addition to the neighborhood, providing numerous benefits to the local community for years to come” said Ian Lester, Esq., managing partner at Lester Bleckner & Shaw LLP. “This is a meaningful step forward and our firm, Lester Bleckner & Shaw LLP, is proud to have represented the sponsor in securing financing to complete the project.”
1508 Coney Island Avenue will be a 10-story commercial building, with 215,379 gross square-feet, and comprise 112,000 square-feet of Class A office space and 51,ooo square-feet of retail space. The project will also feature a unique Unitronics designed 267-space automated parking system. Located on a bustling Brooklyn corner in a lot that had previously been vacant for over a decade, the development aims to reinvigorate the neighborhood and surrounding areas. 30 percent of pre-leasing commitments are already in place.
The firm’s Lester, Marty Shaw, Esq., Allen Schifino, Esq., and David Levy, Esq., all served as legal counsel on behalf of Triangle 613, LLC. Parkview Financial was provided legal counsel by Jeffery Levin, Esq. of Farrell Fritz, P.C.
Construction of 1508 Coney Island Avenue is expected to be completed in Fall of 2023.