Joel Schwartz pays $2.2M for vacant lot in Bushwick

Joel Schwartz pays $2.2 million to investors Martin Templer and Lazer Nussencweig in two separate transactions to acquire property in Bushwick.

Joel Schwartz through the entity Palmetto USA LLC paid Martin Templer $2.09 million for his interest in 177 Palmetto Street in Bushwick. The deal closed on November 12, 2020, and was recorded on December 15, 2020. The transaction consists of Templer’s interest 1 parcel, including the tax class unlicensed parking lot (G7). The parcel(s) have total development potential of 12,150 square feet.
The average sale price per square foot is $172.

This is not a deed transfer. In these two transactions, Schwartz bought control of the ownership entity, for $2.2 million, which was the same price Templer and Nussencweig paid when they bought it on November 4, 2019, for $2,200,000.

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 have been 2 new building permit applications totaling 10,908 square feet. Those plans include a total of 16 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second transaction, Schwartz through his Palmetto USA LLC acquired an interest from Lazer Nussencweig valued at $110,000 for 1 parcel, including the tax class unlicensed parking lot (G7) at Palmetto Street in Bushwick. The deal closed on November 12, 2020 and was recorded on December 15, 2020.