Yitzchok Schwartz files plans for 77 units in Bed Stuy, in contract for site

Yitzchok Schwartz of YS Developers LLC submitted a new building construction project for a 77-unit, 119,949 square-foot residential (R-2) building at 1111 Myrtle Avenue in Bedford Stuyvesant, Brooklyn. The plan was filed with the New York City Department of Buildings on January 27, 2026 under job number B01348174. It calls for the construction of a eight-story building. The project is described in the filing as: eight-story and cellar, mixed-use building. The architect is Hamish Whitefield Architects P.C.

Yesterday, Yitzchok Schwartz recorded a memorandum of contract, that said through his entity Myrtle Estates II LLC paid he would buy the development site at the retail building (K1) at 1101, 1103 and 1123 Myrtle Avenue in Bedford Stuyvesant, Brooklyn from Yosef Elishayev through the entity 1111 Myrtle Avenue Group LLC. Simon Alishaev bought the property for $11.4 million in 2009.

The memorandum of contract was signed on September 5, 2025 and recorded on January 28, 2026. The three properties have 25,000 square feet of built space and 95,000 square feet of additional air rights for a total buildable of 120,000 square feet according to a PincusCo analysis of city data.

Prior sales, articles and revenue

This property was sold with 3 other properties for $10 on September 5, 2025.

The 25,000-square-foot property generated revenue of $1.5 million or $62 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has not received any significant violations in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

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 10th 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 near average amount of major developments among other neighborhoods and is the 4th highest in Brooklyn. It had 2.9 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.

The block

On this tax block, PincusCo has identified the owners of six of the 16 commercial properties representing 168,593 square feet of the 241,570 square feet. The largest owner is Akram Saeidi, followed by Cheskel Brach and then Hafedh Alsaedi. On the tax block, there was one new building construction project filed totaling 119,949 square feet. It is a 77-unit, 119,949 square-foot residential (R-2) building submitted by Yitzchok Schwartz with plans filed January 27, 2026 and it has not been permitted yet.

The surrounding

Within a 400-foot radius of 1111 Myrtle Avenue, PincusCo identified five commercial real estate items of interests occurred over the past 24 months. One of those five items was a sale which Maheshchand Ratanji bought the 41,212-square-foot, one-unit hotel (H3) on 1090 Myrtle Avenue for $22 million from Rajendra R. Patel and Mamraben R. Patel on October 17, 2024. Of those five items, four were loans above $5 million totaling $190.4 million. The most recent of the four was Paul Matalon in which borrowed $5.4 million from Citizens Bank secured by the 9,694-square-foot, 13-unit rental (C1) on 11 Lewis Avenue on December 15, 2025.

Direct link to the property’s ACRIS page and link to DOB NOW portal.