Joel Schwartz signs $24M refi with Provident Bank for 53-unit rental in East New York

Joel Schwartz through the entity 362 Shepherd Development LLC as borrower signed a refi loan with lender Provident Bank valued at $24 million for the 53-unit residential elevator building (D6) at 360 Shepherd Avenue in East New York, Brooklyn.
The deal closed on March 17, 2026 and was recorded on March 27, 2026. The prior lender was BridgeCity Capital which held debt that had an original loan amount of $18 million.The property has 51,405 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $466 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 July 20, 2021, for $2.9 million. The signatory for Joel Schwartz was Joel Schwartz.

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 362 Shepherd Development Llc.

The property

The residential elevator building with 53 residential units in East New York has 51,405 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $905,000. Provident Bank on March 17, 2026 bought a loan with an original principal of $18.0M from BridgeCity Capital signed by Louis Lebovits , secured by 360 Shepherd Avenue, when owned by Joel Schwartz .

Transaction Participants

Kimberly A. Barresi at Certilman Balin Adler & Hyman, LLP 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 $4,865 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, B00610324, for a 53-unit, 35,972 square-foot R-2 building. The project was submitted by Apple Realty Capital and filed by David Horowitz with plans filed October 28, 2021 and permitted July 23, 2024.

The block

On this tax block, PincusCo has identified the owners of three of the 10 commercial properties representing 37,959 square feet of the 60,006 square feet. The largest owner is Shaindy Schwartz, followed by Joel Schwartz and then Pedro Collado.
On the tax block, there were two new building construction projects totaling 57,568 square feet. The largest is a 53-unit, 35,972 square-foot residential (R-2) building submitted by Apple Realty Capital and filed by David Horowitz with plans filed October 28, 2021 and permitted July 23, 2024. The second largest is a 32-unit, 21,596 square-foot residential (R-2) building submitted by Joel Schwartz with plans filed August 23, 2018 and permitted June 16, 2020.

The majority, or 44 percent of the 60,006 square feet of built space are elevator buildings, with walkup buildings next occupying 22 percent of the space.

The borrower

The PincusCo database currently indicates that Joel Schwartz owned at least 106 commercial properties with 1,660 residential units in New York City with 1,099,735 square feet and a city-determined market value of $187.2 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, Popular Bank, and S3 Capital respectively. Within the portfolio, the bulk, or 53 percent of the 1,099,735 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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