Joel Schwartz signs $23M refi with Ponce for new 48-unit rental in Cypress Hills

Joel Schwartz through the entity 3051 Atlantic Bx LLC as borrower signed a refi loan with lender Ponce Bank valued at $23 million for the 48-unit residential elevator building (D7) at 3051 Atlantic Avenue in Cypress Hills, Brooklyn.
The deal closed on April 27, 2026 and was recorded on May 5, 2026. The prior lender was Yakar Partners which held debt that had an original loan amount of $17.5 million. The property has 38,688 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $594 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 owner bought the property on March 31, 2023, for $2.1 million. The signatory for Joel Schwartz was Joel Schwartz. The signatory for Ponce Bank was Steven A. Tsavaris .

Prior sales, articles and revenue

The owner according to the Department of Housing Preservation and Development is Charles Schwartz, head officer. The business entity is 3051 Atlantic Bx Llc.

The property

The residential elevator building with 48 residential units in Cypress Hills has 38,688 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 4,812 square feet. The lot is irregular. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $785,000. Ponce Bank on April 27, 2026 bought a loan with an original principal of $17.5M from Yakar Partners signed by David Sussman , secured by 3051 Atlantic Avenue, when owned by Joel Schwartz .

Transaction Participants

Eric Usinger at The Usinger Law Practice PLLC participated in the transaction on behalf of the lender.

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 one DOB violation, $2,500 in ECB penalties, and $6,150 in OATH penalties in the last year.

Development

On the lot, there was a new building construction project, B00735907, for a 49-unit, 34,153 square-foot residential (R-2) building. The project was submitted by Barry Wagschal and filed by Barry Wagschal with plans filed May 13, 2022 and permitted August 27, 2024.

The block

On this tax block, PincusCo has identified the owners of one of the 13 commercial properties representing 5,720 square feet of the 23,340 square feet. The identified owner is Joel Schwartz.
On the tax block, there were four new building construction projects totaling 44,117 square feet. The largest is a 49-unit, 34,153 square-foot residential (R-2) building submitted by Barry Wagschal and filed by Barry Wagschal with plans filed May 13, 2022 and permitted August 27, 2024. The second largest is a six-unit, 4,469 square-foot residential (R-2) building submitted by Ofer Bruhim with plans filed March 16, 2018 and permitted August 27, 2020.

The majority, or 57 percent of the 23,340 square feet of built space are specialty buildings, with mixed-use buildings next occupying 25 percent of the space.

The borrower

The PincusCo database currently indicates that Joel Schwartz owned at least 112 commercial properties with 1,673 residential units in New York City with 1,106,319 square feet and a PincusCo-determined asset value of $1.4 billion. The portfolio has $1.7 billion in debt, with top three lenders as BridgeCity Capital, Popular Bank, and S3 Capital respectively. Within the portfolio, the bulk, or 53 percent of the 1,106,319 square feet of built space are elevator properties, with walkup properties next occupying 15 percent of the space.

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