Joel Schwartz signs $12.5M refi with JG Funding for commercial in Bedford Stuyvesant
Joel Schwartz through the entity 31 Spencer Street USA LLC as borrower signed a refi loan with lender JG Funding through the entity JG Funding Corp. valued at $12.5 million for nine commercial condominium units at 31 Spencer Street in Bedford Stuyvesant, Brooklyn.
On this parcel, there was a 95,995-square-foot office (B) building submitted by Joel Schwartz and filed by Sam Polatsek with plans filed January 27, 2017 and permitted April 30, 2019.
The loan closed on January 11, 2024 and was recorded on January 23, 2024. The prior lender was Levon Capital which held debt that had an original loan amount of $5.5 million.
The signatory for Joel Schwartz was Joel Schwartz. The signatory for JG Funding was Jeremy Goldzal.
The block
On the tax block of 31 Spencer Street, PincusCo has identified the owners of five of the 18 commercial properties representing 132,247 square feet of the 170,526 square feet. The largest owner is Wallworth Park Llc, followed by Joel Schwartz and then Cw Realty.
On the tax block, there were five new building construction projects totaling 336,139 square feet. The largest is a 95,995 square-foot business (B) building submitted by Joel Schwartz and filed by Sam Polatsek with plans filed January 27, 2017 and permitted April 30, 2019. The second largest is a 90,213 square-foot mercantile (M) building submitted by Moses Wertheimer with plans filed March 7, 2019 and permitted June 27, 2023.
The majority, or 70 percent of the 170,526 square feet of built space are office buildings, with industrial buildings next occupying 17 percent of the space.
The borrower
The PincusCo database currently indicates that Joel Schwartz owned at least 83 commercial properties with 1,082 residential units in New York City with 1,041,051 square feet and a city-determined market value of $175.3 million. (Market value is typically about 50% of actual value.) The portfolio has $999.3 million in debt, with top three lenders as BridgeCity Capital, Citibank, and Starwood Capital Group respectively. Within the portfolio, the bulk, or 58 percent of the 1,041,051 square feet of built space are elevator properties, with walkup properties next occupying 16 percent of the space. They are all located in Brooklyn.
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