Human Care Services pays $3.3M to Joel Schwartz for commercial condo in Bedford Stuyvesant

Human Care Services through the entity Human Care Services For Families & Children, Inc. paid $3.3 million to Joel Schwartz through the entity 31 Spencer Street Usa LLC for the property at 31 Spencer St in Bedford Stuyvesant, Brooklyn.
The deal closed on December 4, 2023 and was recorded on December 14, 2023.
The signatory for Joel Schwartz was Joel Schwartz. The contract date was October 1, 2023.

Prior sales and revenue

The seller Joel Schwartz purchased 17 properties in 16 transactions for a total of $65 million and sold 25 properties in 22 transactions for a total of $239.5 million over the past 24 months.

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.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

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 CW Realty.
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 80 commercial properties with 980 residential units in New York City with 924,806 square feet and a city-determined market value of $165.8 million. (Market value is typically about 50% of actual value.) The portfolio has $872.2 million in debt, with top three lenders as BridgeCity Capital, Citibank, and Popular Bank respectively. Within the portfolio, the bulk, or 52 percent of the 924,806 square feet of built space are elevator properties, with walkup properties next occupying 19 percent of the space. They are all located in Brooklyn.

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