Joel Schwartz contracted to sell newly built Bed Stuy 6-unit to JG Funding, price not disclosed

Josh Grunzweig’s JG Funding signed a contract as buyer to pay an undisclosed amount to Joel Schwartz through the entity Myrtle Flats LLC for the newly completed six-unit building at 622 Myrtle Avenue in Bedford Stuyvesant, Brooklyn. The sale is set to close on July 20, 2024, according to property records.
For the tax lot building, it received its certificate of occupancy on April 8, 2024. On the tax lot, the most recent condominium plan was filed by Myrtle Flats LLC to create 6 residential units in a building at 622 Myrtle Avenue in Bedford Stuyvesant, Brooklyn, called 622 Myrtle Avenue Condominium that has a $9.3 million sellout, according to an June 23, 2021 submission to the New York State Attorney General. The principals of the sponsor, Myrtle Flats LLC, were Joel Schwartz and Shaindy Schwartz.
The memorandum of contract was signed on June 20, 2024 and was recorded on June 26, 2024. The property has 9,433 square feet of built space according to a PincusCo analysis of city data.
The seller bought the property on January 11, 2016, for $2.6 million.

The property

The parcel has frontage of 24 feet and is 111 feet deep with a total lot size of 2,738 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $236,000. The most recent loan totaled $6.8 million and was provided by IceCap Group on August 21, 2023.

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 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 $1.2 billion in sales volume in the last two years. For development, Bedford Stuyvesant has 2.3 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Brooklyn. It had 2.5 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 was one pre-foreclosure suit filed among other development buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of seven of the 13 commercial properties representing 119,304 square feet of the 146,368 square feet. The owner include All Year Management, followed by Felicia Colon and then Hershey Feketa.
There are no active new building construction projects on this tax block.

The majority, or 62 percent of the 146,368 square feet of built space are elevator buildings, with mixed-use buildings next occupying 23 percent of the space.

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