Aron Schwartz signs $16M construction loan with Ponce Bank for 60-unit project in Cypress Hills

Aron Schwartz through the entity 2711 Fulton LLC as borrower signed a new construction loan with lender Ponce Bank valued at $16 million for a 60-unit project at 2711 Fulton Street in Cypress Hills, Brooklyn.
On these lots, there is one active new building construction project for a 60-unit, 44,125 square-foot R-2 building. The project was submitted by Aron Schwartz and filed by Aron Schwartz with plans filed December 22, 2021.
The deal closed on April 3, 2023 and was recorded on April 20, 2023.
The signatory for Aron Schwartz was Aron Schwartz. Joseph Mendlowitz paid Schwartz $4 million for the parcel in December 2022.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $3,750 in ECB penalties and $3,750 in OATH penalties 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 had very little sales volume relative to other neighborhoods with $103.8 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 17th highest in Brooklyn. It had 1 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.

The block

On the tax block of 2709 Fulton Street, PincusCo has identified the owners of five of the 17 commercial properties representing 57,380 square feet of the 70,917 square feet. The two identified owners are Marino Mazzei and Joseph Mendlowits.
On the tax block, there were two new building construction projects totaling 48,457 square feet. The largest is a 60-unit, 44,125 square-foot residential (R-2) building submitted by Aron Schwartz and filed by Aron Schwartz with plans filed December 22, 2021 and permitted June 1, 2022. The second largest is a two-unit, 4,332 square-foot residential (R-3) building submitted by Juan Calderon with plans filed July 22, 2016 and it has not been permitted yet.

The majority, or 69 percent of the 70,917 square feet of built space are elevator buildings, with mixed-use buildings next occupying 16 percent of the space.

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