Joel Schwartz, owner of 78 properties according to PincusCo, through the entity 777-787 Glenmore Avenue LLC (and others) signed a contract with JG Funding through the entity Jg Funding Corp. with no price disclosed to buy the 32-unit residential elevator building at 777-787 Glenmore Avenue in East New York, Brooklyn, the 10-unit residential elevator building at 922 Dekalb Avenue in Bed Stuy, Brooklyn, and 10-unit residential walkup building at 924 Dekalb Avenue in Bed Stuy, Brooklyn.
The filing says, “The following is a memorandum of executory contract of sale for certain real property…”
The deal closed on February 9, 2022 and was recorded on February 23, 2022.
The three properties have 42,140 square feet of built space according to PincusCo analysis of city data.
The signatory for Joel Schwartz was Joel Schwartz. The signatory for JG Funding was Josh Grunzweig.
Prior to this transaction, the buyer JG Funding had not purchased any other properties and had not sold any properties over the past 24 months.
The seller Joel Schwartz purchased 14 properties in 11 transactions for a total of $52 million and sold three properties in three transactions for a total of $31 million over the same time period.
Out of the three properties, one with a total of 42,140 square feet of built space generated revenue of $168,093 per year.
(321825959) Plans for a 32-unit, 21,596 square-foot R-2 were filed on August 23, 2018 and were permitted on September 21, 2020.
PincusCo identified 78 properties with 807 units associated with Joel Schwartz, with several of them construction projects. Joel and Shaindy Schwartz borrowed at least $85 million from bondholders on the Tel Aviv Stock Exchange in 2017. That’s just a fraction of the more than $600 million in debt Joel and Shaindy Schwartz have signed for in the past two and a half years. Josh Grunzweig is president of Staten Island-based hard money lender JG Funding.
In East New York, the bulk, or 31 percent of the 68.3 million square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 26 percent of the space. In sales, East New York has the 4th highest sale turnover among other neighborhoods in the city with $2.1 billion in sales volume in the last two years. For development, East New York has 2.5 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Brooklyn. It had 2.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.
On the tax block, the majority, or 36 percent of the 93,449 square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 28 percent of the space.
Within a 400-foot radius of 777-787 Glenmore Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
There were four new building permit applications. The most recent of these four items was a filing on November 15, 2021 for a 73,096-square-foot R-2 building with 123 residential units at 355 Shepherd Avenue.
Direct link to Acris document. link