Ontrack Funding Relocates Midwood, Brooklyn, Offices
By Celia Young March 14, 2023 4:15 pm
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Ontrack Funding is on track to relocate its Midwood, Brooklyn, offices to 1608 Coney Island Avenue.
The merchant cash-advance company took a five-year lease for 5,000 square feet at the two-story building, according to Tri State Commercial Realty’s Joseph Cohen, who brokered the deal for the landlord and tenant with colleagues Eddie Keda and Avi Akiva.
Asking rents at the property range from $30 to $35 per square foot, Cohen said.
Ontrack Funding plans to relocate to the building between Avenue L and Avenue M from nearby offices, also in Midwood, and jumped on a deal because of the property’s natural light and “location, location, location,” Cohen said.
“It’s central to where the partners and a lot of the workers live and it is really in the heart of the community as well, near the restaurants and the shops,” Cohen said. “The actual space was a great fit — there are floor-to-ceiling windows.”
Ontrack Funding will move into a space previously used as storage by the family-run appliance store AB Drimmers. The Drimmer family, which owns the building, will keep its first-floor shop and showroom, Cohen said.
Representatives for Drimmers and Ontrack Funding did not immediately respond to requests for comment.
Celia Young can be reached at cyoung@commercialobserver.com.
