Baruch Singer (Source: Jennifer Weisbord, Splashnewsonline.com) and the Greenpoint Pencil FactoryA lender to controversial landlord Baruch Singer is seeking the
repayment of a multi-million dollar development loan on a delayed high-profile
condominium project in Brooklyn, court papers said. Singer took out a $6.68 million subordinate loan from Greenwich
Village-based real estate financial services firm Aristone Capital
Funding for the development of a Greenpoint, Brooklyn project, a
lawsuit filed May 8 in New York State Supreme Court shows. But the 93-unit Greenpoint Pencil Factory condo was not finished by its
January 19 completion deadline this year, and so the lender called in
its loan. “Borrower is in default of the loan agreement for failing to complete
the construction of the [Pencil Factory] by the completion date,” a
March letter Aristone Capital sent to Singer said, court records
indicate. [more]
