Moshe Mann pays $4M to Joel Schwartz for office condo in Bedford Stuyvesant

Moshe Mann through the entity Mm Spencer Holdings, LLC paid $4 million to Joel Schwartz through the entity 31 Spencer Floor 16 LLC for the office condominium unit at 31 Spencer Street in Bedford Stuyvesant, Brooklyn.
The deal closed on April 28, 2025 and was recorded on May 13, 2025. The property has 1,345 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $2,973 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 Moshe Mann was Moshe Mann. The contract date was September 20, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Moshe Mann had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Joel Schwartz purchased 17 properties in 14 transactions for a total of $59.3 million and sold nine properties in nine transactions for a total of $57.5 million over the same time period.

The property

The office condo in Bedford Stuyvesant has 1,345 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 1,345 square feet. The city-designated market value for the property in 2022 is $326,060.

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 not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Bedford Stuyvesant, The bulk, or 35 percent of the 54.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Bedford Stuyvesant has the 9th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Bedford Stuyvesant has 2.3 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Brooklyn. It had 2.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There were three pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of six of the 18 commercial properties representing 132,247 square feet of the 170,526 square feet. The largest owner is Joel Schwartz, followed by Moses Wertheimer and then Isaac Schwartz.
On the tax block, there were three new building construction projects totaling 180,522 square feet. The largest is a 90,213 square-foot mercantile (M) building submitted by Moses Wertheimer with plans filed March 7, 2019 and permitted June 27, 2023. The second largest is a 71,574 square-foot business (B) building submitted by Moses Wertheimer and filed by Moses Wertheimer with plans filed June 22, 2022 and it has not been permitted yet.

The majority, or 70 percent of the 170,526 square feet of built space are office buildings, with industrial buildings next occupying 17 percent of the space.

The seller

The PincusCo database currently indicates that Joel Schwartz owned at least 102 commercial properties with 1,685 residential units in New York City with 1,087,111 square feet and a city-determined market value of $185.9 million. (Market value is typically about 50% of actual value.) The portfolio has $1.4 billion in debt, with top three lenders as BridgeCity Capital, Citibank, and S3 Capital respectively. Within the portfolio, the bulk, or 56 percent of the 1,087,111 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