Joel Schwartz signs $21M refi with Bank of Montreal for new 30-unit building in Park Slope

Joel Schwartz through the entity 65 4th Avenue De LLC as borrower signed a refi loan with lender Bank of Montreal valued at $21 million for the newly constructed 30-unit building at 65 4th Avenue in Park Slope, Brooklyn.
On the lot, there was a new building construction project, 321592059, for a 30-unit, 20,943 square-foot R-2 building. The project was submitted by Yisroel Greenfeld with plans filed June 11, 2020 and permitted March 6, 2023.
The loan closed on September 9, 2024 and was recorded on September 13, 2024. The prior lender was S3 Capital which held debt that had an original loan amount of $14.2 million.

The owner bought the property on June 3, 2021, for $7.4 million. The signatory for Joel Schwartz was Joel Schwartz. The signatory for Bank of Montreal was Leanna Lispi.

The property

The city-designated market value for the property in 2022 is $1.5 million. The most recent loan totaled $14.2 million and was provided by S3 Capital on January 18, 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $2,530 in ECB penalties and $3,580 in OATH penalties in the last year.

The neighborhood

In Park Slope, The bulk, or 36 percent of the 9.8 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 26 percent of the space. In sales, Park Slope has 3 times the average sales volume among other neighborhoods with $781.8 million in sales volume in the last two years and is the 3rd highest in Brooklyn. For development, Park Slope has had very little major development activity relative to other neighborhoods.It had 580,682 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 22 commercial properties representing 36,691 square feet of the 83,491 square feet. The largest owner is United Elite Group, followed by Joel Schwartz and then Roberto Alfonso.
On the tax block, there was one new building construction project filed totaling 20,943 square feet. It is a 30-unit, 20,943 square-foot residential (R-2) building submitted by Yisroel Greenfeld with plans filed June 11, 2020 and permitted March 6, 2023.

The majority, or 87 percent of the 83,491 square feet of built space are mixed-use buildings, with walkup buildings next occupying 13 percent of the space.

The borrower

The PincusCo database currently indicates that Joel Schwartz owned at least 92 commercial properties with 1,094 residential units in New York City with 1,055,026 square feet and a city-determined market value of $179.7 million. (Market value is typically about 50% of actual value.) The portfolio has $1.2 billion in debt, with top three lenders as BridgeCity Capital, Citibank, and Deutsche Bank respectively. Within the portfolio, the bulk, or 58 percent of the 1,055,026 square feet of built space are elevator properties, with walkup properties next occupying 16 percent of the space. They are all located in Brooklyn.

Direct link to Acris document. link