Joel Schwartz pays $6M to Moshe Granit for 60-unit dev site in Bushwick

Joel Schwartz through the entity Grove Menahan BK LLC paid $6 million to Moshe Granit through the entity 115-117 Grove St LLC for the two-parcel development site at 111 Grove Street and 60 Menahan Street in Bushwick, Brooklyn. The expected use is ground up development.

There is a new building project, B01391270, for a 60-unit, 43,227 square-foot residential (R-2) building submitted by Jerome Zwick and filed by Jerome Zwick with plans filed May 6, 2026 and it has not been permitted yet.
The deal closed on June 1, 2026 and was recorded on June 8, 2026. The two properties have 1,344 square feet of built space and 22,950 square feet of additional air rights for a total buildable of 24,300 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $4,464 and the price per buildable square foot is $246 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 Moshe Granit was Moshe Granit. The signatory for Joel Schwartz was Joel Schwartz. The contract date was October 28, 2025.

The six-story building project has 10 residential units on each floor from one to six. There are no retail or commercial spaces in the building. The rood has passive recreation space.

111 Grove Street

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Joel Schwartz purchased 10 properties in seven transactions for a total of $47.9 million and sold three properties in three transactions for a total of $4 million over the past 24 months.
The seller Moshe Granit had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Bushwick has 1,344 square feet of built space and 22,950 square feet of additional air rights for a total buildable of 24,300 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 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 $344,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $100 in OATH penalties in the last year.

Development

On these lots, there are four active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 107,006 square feet. The largest, B01391270, is a new building project for a 60-unit, 43,227 square-foot R-2 building submitted by Jerome Zwick and filed by Jerome Zwick with plans filed May 6, 2026 and it has not been permitted yet. The second largest, 321595591, is a new building project for a 29-unit, 33,034 square-foot R-2 building submitted by Moshe Granit with plans filed October 29, 2019 and it has not been permitted yet.

The neighborhood

In Bushwick, The bulk, or 44 percent of the 33.6 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 18 percent of the space. In sales, Bushwick has 1.6 times the average sales volume among other neighborhoods with $554.7 million in sales volume in the last two years and is the 12th highest in Brooklyn. For development, Bushwick has had very little major development activity relative to other neighborhoods.It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On the tax block of 60 Menahan Street, PincusCo has identified the owners of eight of the 19 commercial properties representing 96,470 square feet of the 126,195 square feet. The largest owner is Nyc Department Of Education, followed by Riseboro Community Partnership and then Shloma Stuhl.
On the tax block, there were five new building construction projects totaling 112,505 square feet. The largest is a 60-unit, 43,227 square-foot residential (R-2) building submitted by Jerome Zwick and filed by Jerome Zwick with plans filed May 6, 2026 and it has not been permitted yet. The second largest is a 29-unit, 33,034 square-foot residential (R-2) building submitted by Moshe Granit with plans filed October 29, 2019 and it has not been permitted yet.

The majority, or 47 percent of the 126,195 square feet of built space are specialty buildings, with walkup buildings next occupying 42 percent of the space.

The seller

The PincusCo database currently indicates that Moshe Granit owned at least one commercial property with 14 residential units in New York City with 13,568 square feet and a PincusCo-determined asset value of $6.9 million. The portfolio has $5.2 million in debt, borrowed from Arbor Realty Trust. The portfolio consists of at least a single elevator property.

The buyer

The PincusCo database currently indicates that Joel Schwartz owned at least 112 commercial properties with 1,923 residential units in New York City with 1,106,319 square feet and a PincusCo-determined asset value of $1.4 billion. The portfolio has $1.8 billion in debt, with top three lenders as BridgeCity Capital, Popular Bank, and S3 Capital respectively. Within the portfolio, the bulk, or 53 percent of the 1,106,319 square feet of built space are elevator properties, with walkup properties next occupying 15 percent of the space.

Direct link to Acris document. link