Bedford Stuyvesant dev site sells for $6.9M

The entity 1211 Fulton St Realty LLC using the address and suite often used by Joel Schwartz, paid $6.9 million to Vision Development through the entity 1211 Fulton Property LLC for the development site at 12-11 to 1213 Fulton Street in Bedford Stuyvesant, Brooklyn. The expected use is ground up development.
On these lots, there is one active new building construction project, 321596858, for a 31-unit, 23,081 square-foot residential (R-2) building. The project was submitted by Baruch Guttman of Vision Development with plans filed January 10, 2020 and permitted June 9, 2022.
The deal closed on February 20, 2025 and was recorded on March 3, 2025. The three tax lots have 12,900 square feet of built space and 22,919 square feet of additional air rights for a total buildable of 22,919 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $534 and the price per buildable square foot is $301 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Vision Development was Binyomin Ribiat. Joel Schwartz is an acvtive developer in New York City. The signatory for the buyer was Abraham Waldman . The contract date was July 8, 2024. The buyer entity is in care of the address and suite on Wilson Street that Joel Schwartz uses.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Joel Schwartz purchased 18 properties in 17 transactions for a total of $63.2 million and sold nine properties in nine transactions for a total of $57.5 million over the past 24 months.
The seller Vision Development had not purchased any other properties and had not sold any properties over the same time period.

The property

The development building in Bedford Stuyvesant has 12,900 square feet of built space and 22,919 square feet of additional air rights for a total buildable of 22,919 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 square feet. The zoning is C4-5D which allows for up to 4.2 times floor area ratio (FAR) for commercial and up to 4.2 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $567,000.

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 not received any significant violations in the last year.

Development

The neighborhood

In Bedford Stuyvesant, The bulk, or 35 percent of the 54.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Bedford Stuyvesant has the 9th highest sale turnover among other neighborhoods in the city with $1.1 billion in sales volume in the last two years. For development, Bedford Stuyvesant has 2.5 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Brooklyn. It had 2.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other development buildings in the past 12 months.

The block

On the tax block of 1213 Fulton Street, PincusCo has identified the owners of 10 of the 27 commercial properties representing 53,353 square feet of the 127,578 square feet. The largest owner is Ejs Group, followed by Bawabeh Brothers and then Infinity Real Estate.
On the tax block, there were two new building construction projects totaling 186,789 square feet. The largest is a 336-unit, 163,708 square-foot hotel/dormitory/shelter (R-1) building submitted by Robert Pinkas and filed by Robert Pinkas with plans filed September 16, 2019 and permitted April 17, 2023. The second largest is a 31-unit, 23,081 square-foot residential (R-2) building submitted by Baruch Guttman with plans filed January 10, 2020 and permitted June 9, 2022.

The majority, or 65 percent of the 127,578 square feet of built space are mixed-use buildings, with retail buildings next occupying 25 percent of the space.

The buyer

The PincusCo database currently indicates that Joel Schwartz owned at least 102 commercial properties with 1,506 residential units in New York City with 1,087,111 square feet and a city-determined market value of $185.9 million. (Market value is typically about 50% of actual value.) The portfolio has $1.4 billion in debt, with top three lenders as BridgeCity Capital, Citibank, and S3 Capital respectively. Within the portfolio, the bulk, or 56 percent of the 1,087,111 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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