Yitzchok Schwartz pays $121.3M to RXR Realty in Clinton Hill, plans 974 units

Yitzchok Schwartz through the entity Hall Street Estates LLC paid $121.3 million to RXR Realty through the entity RXR 9-47 Hall Street Owner LLC for the 11-building tax lot including an office (O6) building, with an overall address of 39 Hall Street in Clinton Hill, Brooklyn. The expected use is ground up development and residential conversion.

So far, for the 11 buildings on the tax lot, Yitzchok Schwartz has filed plans to demolish three one-story buildings, and filed plans to convert one building to 89 residential units and to convert one floor of another building to six residential units. The developers plans to create 974 residential units on the tax block, DOB filings show.

Yitzchok Schwartz filed to demolish 248 Flushing Avenue, 9 Hall Street and 57 Hall Street. He filed a major alteration plan for 14 Ryerson Street under job number B01376971 on March 27, 2026, which has not been permitted yet, to create 89 residential units within 214,590 square feet of the property. And filed B01378457 at 313 Park Avenue to create six units on one floor of the eight-story building.
The deal closed on April 28, 2026 and was recorded on May 6, 2026. The property has 555,920 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $218 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 seller bought the property on March 4, 2016, for $161 million. The signatory for RXR Realty was David Frank . The signatory for Yitzchok Schwartz , who leads YS Developers, was Yitzchok Schwartz. The contract date was December 5, 2025.

To finance the purchase, Yitzchok Schwartz borrowed $99 million from G4 Capital Partners.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Yitzchok Schwartz purchased 13 properties in eight transactions for a total of $102.6 million and has no record it sold any properties over the past 24 months.
The seller RXR Realty purchased nine properties in five transactions for a total of $1.8 billion and sold 11 properties in eight transactions for a total of $1.3 billion over the same time period. The 555,920-square-foot property generated revenue of $24.7 million or $44 per square foot, according to the most recent income and expense figures.

The property

The office building in Clinton Hill has 555,920 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 569 feet and is 204 feet deep with a total lot size of 113,800 square feet. The lot is irregular. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $108.6 million.

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 $1,400 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on February 25, 2021. On the lot, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 218,161 square feet. The largest, 321189414, is a major alteration project for a 532,210 square-foot B building submitted by Marcelo Renzi with plans filed November 22, 2016 and permitted May 7, 2018. The second largest, B01376971, is a major alteration project for a 89-unit, 214,590 square-foot R-2 building submitted by Yitzchok Schwartz and filed by Yitzchok Schwartz with plans filed March 27, 2026 and it has not been permitted yet.

The neighborhood

In Clinton Hill, The bulk, or 34 percent of the 10.8 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Clinton Hill has near average sales volume among other neighborhoods with $357.2 million in sales volume in the last two years and is the 20th highest in Brooklyn. For development, Clinton Hill has had very little major development activity relative to other neighborhoods.It had 679,949 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owner of the one commercial property that spans that spans 555,920 square feet on the block.The identified owner is Rxr Realty.
There are no active new building construction projects on this tax block.

All properties are office.

The seller

The PincusCo database currently indicates that Rxr Realty owned at least 36 commercial properties with 2,234 residential units in New York City with 14,295,329 square feet and a PincusCo-determined asset value of $8.3 billion. Within the portfolio, the bulk, or 75 percent of the 14,295,329 square feet of built space are office properties, with condo properties next occupying 16 percent of the space. The bulk, or 80 percent of the built space, is in Manhattan, with Brooklyn next at 18 percent of the space.

The buyer

The PincusCo database currently indicates that Yitzchok Schwartz owned at least 24 commercial properties with 428 residential units in New York City with 535,815 square feet and a PincusCo-determined asset value of $626.8 million. The portfolio has $503 million in debt, with top three lenders as G4 Capital Partners, PGIM Real Estate, and Greystone & Co. respectively. Within the portfolio, the bulk, or 65 percent of the 535,815 square feet of built space are elevator properties, with industrial properties next occupying 19 percent of the space. The bulk, or 88 percent of the built space, is in Brooklyn, with Queens next at 11 percent of the space.

Direct link to Acris document. link