Joel Schwartz obtained financing of $7M from Eastern Capital Group

Joel Schwartz through the entity 58 Palmetto Brooklyn LLC as borrower signed a loan agreement with lender Eastern Capital Group LLC valued at $7.4 million for 1 parcel, including the tax class unlicensed parking lot (G7) at 58 Palmetto Street in Bushwick. The deal closed on July 18, 2019 and was recorded on July 31, 2019.
The property contains a total of 18,225 square feet of built space. The property has 18,225 square feet of available development rights.
The average loan per buildable square foot is $405.
The last time the property sold was March 15, 2019, for $4,250,000.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel.There has been one new building permit application totaling 18,493 square feet. Those plans include a total of 27 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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