Leases  ·  Office

Ontrack Funding Relocates Midwood, Brooklyn, Offices

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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

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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.