Joel Schwartz sells 50% stake in East New York newly built rental in $6.3M deal

Joel Schwartz’s Pitkin Place LLC sold a 50 percent stake in 2433 Pitkin Avenue in East New York valued at $6.3 million to Harold Weissman. The deal closed on November 16, 2020, and was recorded on November 30, 2020. The transaction consists of 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 32 residential units. The property is 32,434 square feet. The parcel(s) have total development potential of 32,434 square feet.
The sale price per unit is $195,313.

Schwartz sold a 50 percent tenant-in-common interest to Weissman. The last time the property sold was October 31, 2017 for $1,150,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 32 residential (or hotel) units on October 30, 2020.
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 has been one new building permit application totaling 22,975 square feet. Those plans include a total of 32 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.
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