Joel Schwartz signs $17.4M construction loan with S3 Capital for 25-unit project in Williamsburg

Joel Schwartz through the entity 680 Lorimer Usa LLC as borrower signed a new construction loan with lender S3 Capital through the entity S3 Re Perpetual Yield Funding LLC valued at $17.4 million for a 25-unit development project at 680 Lorimer Street in Williamsburg, Brooklyn.

On these lots, there is one active new building construction project, 321588091, for a 25-unit, 25,743 square-foot residential (R-2) building. The project was submitted by Cheskie Weiss with plans filed January 17, 2020 and permitted April 18, 2024.
The deal closed on February 20, 2026 and was recorded on March 9, 2026. The prior lender was Maverick Real Estate Partners which held debt that had an original loan amount of $5 million. The two properties have 4,820 square feet of built space and 10,828 square feet of additional air rights for a total buildable of 10,828 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $3,599 and the price per buildable square foot is $1,602 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 Joel Schwartz was Joel Schwartz. The signatory for S3 Capital was Joshua Crane .

Joel Schwartz bought the site on February 20, 2026, for $8.4 million.

The property

The development building in Williamsburg has 4,820 square feet of built space and 10,828 square feet of additional air rights for a total buildable of 10,828 square feet according to a PincusCo analysis of city data. 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 M1-2/R6 which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $640,000. S3 Capital on February 20, 2026 bought a loan with an original principal of $5 million from Maverick Real Estate Partners signed by James Yetter, secured by 680 Lorimer Street and 676 Lorimer Street, when owned by Joel Schwartz .

Violations and lawsuits

The properties were involved in two lawsuits and zero bankruptcies over the past two years. The highest value suit was a $7.5 million money judgment concerning a contract filed on June 16, 2025, by CW Realty Group, Cheskie Weisz, and Perl Weisz against Jonathan Babakhanov and Maverick Real Estate Partners. In addition, according to city public data, the properties have received $28,500 in ECB penalties and $30,400 in OATH penalties in the last year.

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 6th 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 2nd most active neighborhood among other neighborhoods. It had 41.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 83 percent of the neighborhood’s built space.

The block

On the tax block of 680 Lorimer Street, PincusCo has identified the owners of four of the seven commercial properties representing 16,489 square feet of the 23,629 square feet. The largest owner is Joel Fried, followed by Alexander Beer and then Carmine Infante.
On the tax block, there was one new building construction project filed totaling 25,743 square feet. It is a 25-unit, 25,743 square-foot residential (R-2) building submitted by Cheskie Weiss with plans filed January 17, 2020 and permitted April 18, 2024.

The majority, or 59 percent of the 23,629 square feet of built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space.

The borrower

The PincusCo database currently indicates that Joel Schwartz owned at least 106 commercial properties with 1,685 residential units in New York City with 1,121,781 square feet and a city-determined market value of $188.9 million. (Market value is typically about 50% of actual value.) The portfolio has $1.7 billion in debt, with top three lenders as BridgeCity Capital, Citibank, and Popular Bank respectively. Within the portfolio, the bulk, or 54 percent of the 1,121,781 square feet of built space are elevator properties, with walkup properties next occupying 15 percent of the space. They are all located in Brooklyn.

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