Joel Schwartz signs $22.7M refi to pay down Yakar loan at industrial in Bushwick

Joel Schwartz through the entity Wykoff SP LLC as borrower signed a refi loan with lender Bethpage Federal Credit Union valued at $22.7 million for the industrial building (F9) at 49 Wyckoff Avenue in Bushwick, Brooklyn.
The deal closed on July 28, 2022 and was recorded on August 5, 2022. The prior lender was Yakar Partners which held debt that had an original loan amount of $19.5 million. The property has 38,770 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $584 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 property

The 49 Wyckoff Avenue parcel has frontage of 200 feet and is 94 feet deep with a total lot size of 18,300 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $2.4 million.The most recent loan totaled $15.5 million and was provided by Yakar Partners on February 13, 2020.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received two DOB violations, $5,625 in ECB penalties, and $5,625 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Bushwick, the bulk, or 44 percent of the 33.4 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 18 percent of the space. In sales, Bushwick has 2.9 times the average sales volume among other neighborhoods with $972.8 million in sales volume in the last two years and is the 3rd highest in Brooklyn. For development, Bushwick has 1.9 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Brooklyn. It had 2 million 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. There were two pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of two of the 13 commercial properties representing 43,570 square feet of the 133,741 square feet. The two identified owners are Shaindy Schwartz and Morty Yashar.
There are no active new building construction projects on this tax block.

The majority, or 41 percent of the 133,741 square feet of built space are industrial buildings, with walkup buildings next occupying 29 percent of the space.

The borrower

The PincusCo database currently indicates that Joel Schwartz owned at least 86 commercial properties in New York City with 933,241 square feet and a city-determined market value of $147.1 million. (Market value is typically about 50% of actual value.) The portfolio has $687.2 million in debt, with top three lenders as Citibank, Starwood Capital Group, and BridgeCity Capital respectively. Within the portfolio, the bulk, or 50 percent of the 933,241 square feet of built space are elevator properties, with walkup properties next occupying 25 percent of the space. The bulk, or 98 percent of the built space, is in Brooklyn, with Queens next at 2 percent of the space.

Direct link to Acris document. link