Simon Ausch pays $3.4M to Joel Schwartz for Bedford Stuyvesant commercial condo

Simon Ausch through the entity 31 Spencer Tower LLC paid $3.4 million to Joel Schwartz through the entity 31 Spencer Street USA LLC for a commercial condominium unit at 31 Spencer Street in Bedford Stuyvesant, Brooklyn.
The deal closed on January 17, 2024 and was recorded on January 23, 2024.
The signatory for Joel Schwartz was Joel Schwartz. The signatory for Simon Ausch was Simon Ausch. The contract date was December 28, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Simon Ausch had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Joel Schwartz purchased 16 properties in 15 transactions for a total of $65 million and sold 26 properties in 23 transactions for a total of $242.9 million over the same time period.

The block

On this tax block, PincusCo has identified the owners of five of the 18 commercial properties representing 132,247 square feet of the 170,526 square feet. The largest owner is Wallworth Park Llc, followed by Joel Schwartz and then CW Realty Group.
On the tax block, there were five new building construction projects totaling 336,139 square feet. The largest is a 95,995 square-foot business office (B) building submitted by Joel Schwartz and filed by Sam Polatsek with plans filed January 27, 2017 and permitted April 30, 2019. The second 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 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 83 commercial properties with 1,082 residential units in New York City with 1,041,051 square feet and a city-determined market value of $175.3 million. (Market value is typically about 50% of actual value.) The portfolio has $999.3 million in debt, with top three lenders as BridgeCity Capital, Citibank, and Starwood Capital Group respectively. Within the portfolio, the bulk, or 58 percent of the 1,041,051 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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