Aron Schwartz pays $3.3M for hotel dev site ground lease in Cypress Hills

Aron Schwartz through the entity 2683 Atlantic LLC paid $3.3 million to Nikul Patel through the entity 2669 Atlantic Ave LLC for the ground lease that controls a 49-unit hotel development at 149 New Jersey Avenue in Cypress Hills, Brooklyn. The expected use is ground up development.

On the lot, there is one active new building construction project, 321066573, for a 49-unit, 17,398 square-foot hotel (R-1) building. The project was submitted by Milan Patel with plans filed December 26, 2014 and permitted October 23, 2020.
The ground lease sale closed on September 12, 2025 and was recorded on September 18, 2025.

The sale price per planned square foot is about $178 and the price per buildable square foot.
The signatory for Nikul Patel was Nikul Patel. The signatory for Aron Schwartz was Joseph Pomerantz . This transaction is the ground lessee assigning the leasehold for the original lease signed in 2014. The fee owner is Cindy Elul.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Aron Schwartz purchased three properties in two transactions for a total of $8.4 million and has no record it sold any properties over the past 24 months.
The seller Nikul Patel had not purchased any other properties and had not sold any properties over the same time period.

The property

The hotel building in Cypress Hills has 18,512 square feet of built space and 12,351 square feet of additional air rights for a total buildable of 30,852 square feet according to a PincusCo analysis of city data. The parcel has frontage of 55 feet and is 100 feet deep with a total lot size of 5,125 square feet. The lot is irregular. The zoning is C4-4D which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $681,300.

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 neighborhood

In Cypress Hills, The bulk, or 24 percent of the 8.6 million square feet of commercial built space are mixed-use buildings, with specialty buildings next occupying 20 percent of the space. In sales, Cypress Hills has the 37th highest sale turnover among other neighborhoods in Brooklyn with $77.8 million in sales volume in the last two years. For development, Cypress Hills has near average amount of major developments among other neighborhoods and is the 11th highest in Brooklyn. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 15 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 12 commercial properties representing 20,762 square feet of the 50,325 square feet. The identified owner is Aron Schwartz.
On the tax block, there were three new building construction projects totaling 21,961 square feet. The largest is a 49-unit, 17,398 square-foot hotel/dormitory/shelter (R-1) building submitted by Milan Patel with plans filed December 26, 2014 and permitted August 2, 2019. The second largest is a two-unit, 3,315 square-foot residential (R-3) building submitted by Johnson Esho with plans filed April 11, 2025 and it has not been permitted yet.

The majority, or 62 percent of the 50,325 square feet of built space are mixed-use buildings, with hotel buildings next occupying 37 percent of the space.

The seller

The PincusCo database currently indicates that Nikul Patel owned at least one commercial property in New York City with 24,873 square feet and a city-determined market value of $8.3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single hotel property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Aron Schwartz owned at least nine commercial properties with 181 residential units in New York City with 30,654 square feet and a city-determined market value of $5 million. (Market value is typically about 50% of actual value.) The portfolio has $130.8 million in debt, with top three lenders as JLL, Golden Bridge Funding, and Ponce Bank respectively. Within the portfolio, the bulk, or 53 percent of the 30,654 square feet of built space are hotel properties, with walkup properties next occupying 19 percent of the space. They are all located in Brooklyn.

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