Joel Schwartz pays $2.2M for vacant lot in Williamsburg

Developer Joel Schwartz through the entity 182 South 9 LLC paid $2.2 million to Jacob Adler and Sydney Adler through the entity 182 South 9th Street LLC for the vacant lot (G7) at 182 South 9th Street in Williamsburg, Brooklyn. The expected use is ground up development.
The deal closed on January 21, 2025 and was recorded on January 28, 2025. The property has zero square feet of built space and 6,075 square feet of additional air rights for a total buildable of 6,075 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $N/A and the price per buildable square foot is $362 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Jacob Adler and Sydney Adler was Jacob Adler and Sydney Adler. The signatory for Joel Schwartz was Joel Schwartz. The contract date was January 21, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Joel Schwartz purchased 17 properties in 16 transactions for a total of $61 million and sold nine properties in nine transactions for a total of $57.5 million over the past 24 months.
The seller Jacob Adler had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $374,000.

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

On the lot, there is one active new building construction project, B01123588, for a eight-unit, 8,245 square-foot R-2 building. The project was submitted by Jerome Zwick and filed by Jerome Zwick with plans filed October 8, 2024 and it has not been permitted yet.

The neighborhood

In Williamsburg, The bulk, or 39 percent of the 50.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 25 percent of the space. In sales, Williamsburg has the 5th highest sale turnover among other neighborhoods in the city with $2 billion in sales volume in the last two years. For development, Williamsburg is the 10th most active neighborhood among other neighborhoods. It had 4.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 25 commercial properties representing 172,898 square feet of the 258,874 square feet. The largest owner is Moshe Singer, followed by Hindy Meislick and then Southside United H.D.F.C..
On the tax block, there was one new building construction project filed totaling 8,245 square feet. It is a eight-unit, 8,245 square-foot residential (R-2) building submitted by Jerome Zwick and filed by Jerome Zwick with plans filed October 8, 2024 and it has not been permitted yet.

The majority, or 62 percent of the 258,874 square feet of built space are elevator buildings, with mixed-use buildings next occupying 22 percent of the space.

The buyer

The PincusCo database currently indicates that Joel Schwartz owned at least 95 commercial properties with 1,502 residential units in New York City with 1,063,396 square feet and a city-determined market value of $182.7 million. (Market value is typically about 50% of actual value.) The portfolio has $1.3 billion in debt, with top three lenders as BridgeCity Capital, Citibank, and S3 Capital respectively. Within the portfolio, the bulk, or 57 percent of the 1,063,396 square feet of built space are elevator properties, with walkup properties next occupying 16 percent of the space. They are all located in Brooklyn.

Direct link to Acris document. link