All Data Health pays $13M to Joel Schwartz for office condo in Bedford Stuyvesant

All Data Health through the entity Office 31 LLC paid $13 million to Joel Schwartz through the entity 31 Spencer Street USA LLC for the office condominium unit at 31 Spencer Street in Bedford Stuyvesant, Brooklyn.
The deal closed on February 13, 2024 and was recorded on March 22, 2024. The unit is Unit 2, covering floors 3, 4 and 5 with a total of 22,476 square feet. The sale price comes to $578 per square foot.
The signatory for Joel Schwartz was Joel Schwartz. The signatory for All Data Health was Benjamin Silberstein. The contract date was February 6, 2024. Benjamin Silberstein was identified as CEO of All Data Health in a 2022 affidavit.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer All Data Health had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Joel Schwartz purchased 19 properties in 17 transactions for a total of $71.5 million and sold 25 properties in 24 transactions for a total of $247 million over the same time period.

The property

The most recent loan totaled $12.5 million and was provided by JG Funding on January 11, 2024.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

The block

On this tax block, PincusCo has identified the owners of five of the 18 commercial properties representing 132,247 square feet of the 170,526 square feet. The largest owner is Wallworth Park Llc, followed by Joel Schwartz and then Isaac Schwartz.
On the tax block, there were five new building construction projects totaling 336,139 square feet. The largest is a 95,995 square-foot business (B) building submitted by Joel Schwartz and filed by Sam Polatsek with plans filed January 27, 2017 and permitted April 30, 2019. The second largest is a 90,213 square-foot mercantile (M) building submitted by Moses Wertheimer with plans filed March 7, 2019 and permitted June 27, 2023.

The majority, or 70 percent of the 170,526 square feet of built space are office buildings, with industrial buildings next occupying 17 percent of the space.

The seller

The PincusCo database currently indicates that Joel Schwartz owned at least 89 commercial properties with 1,084 residential units in New York City with 1,047,595 square feet and a city-determined market value of $178.3 million. (Market value is typically about 50% of actual value.) The portfolio has $1.2 billion in debt, with top three lenders as BridgeCity Capital, Citibank, and Deutsche Bank respectively. Within the portfolio, the bulk, or 57 percent of the 1,047,595 square feet of built space are elevator properties, with walkup properties next occupying 16 percent of the space. They are all located in Brooklyn.

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