Joel Schwartz borrows $22M from Mark Irgang for multifamily development in East New York

Joel Schwartz through the entity Glenmore Holdings LLC as borrower signed a loan agreement with lender Mark Irgang through the entity Tweed Capital LLC valued at $22 million for 2 parcels, including the tax class land zoned residential, except not Manhattan below 110th Street (V0) and containing 109 residential units at 820 Glenmore Avenue, 2433 Pitkin Avenue in East New York. The deal closed on June 25, 2020 and was recorded on July 2, 2020.
The property contains a total of 73,224 square feet of built space.
The average loan per unit is $201,835.
The financing paid off a loan from Banco Popular and added an $8.8 million gap mortgage.
The 77-unit development at 820 Glenmore Avenue filed for an initial temporary certificate of occupancy on June 28, 2020.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 53,992 square feet. Those plans include a total of 77 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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