Yitzchok Schwartz pays $3.7M for two residential elevator buildings in Bed Stuy

Yitzchok Schwartz through the entity Tompkins Estates II LLC paid $3.7 million to Jose Jorge through the entity 8890 Tompkins Realty LLC for the 16-unit residential elevator building at 88 Tompkins Avenue in Bed Stuy, Brooklyn and 16-unit residential elevator building at 90 Tompkins Avenue in Bed Stuy, Brooklyn.
The deal closed on December 29, 2021 and was recorded on January 14, 2022.
The two properties have 15,598 square feet of built space and 472 square feet of additional air rights for a total buildable of 16,065 square feet according to PincusCo analysis of city data. The sale price per built square foot is $237 and the price per buildable square foot is $230 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 Jose Jorge was Jose Jorge. The signatory for Yitzchok Schwartz was Yitzchok Schwartz.
Prior to this transaction, the buyer Yitzchok Schwartz had not purchased any other properties and had not sold any properties over the past 24 months.
The seller Jose Jorge had not purchased any other properties and had not sold any properties over the same time period.
(320912704) Plans for a 16-unit, 15,598 square-foot R-2 were filed on May 29, 2018.
In Bed Stuy, the majority, or 38 percent of the 92.5 million square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 20 percent of the space. In sales, Bed Stuy has 1.5 times the average sales volume in the city with $417.3 million in sales volume in the last two years and is the 6th highest in Brooklyn. For development, Bed Stuy is the 8th most active neighborhood in the city. It had 4.3 million square feet of commercial construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.
On the tax block, the majority, or 89 percent of the 394,010 square feet of built space are residential elevator buildings, with mixed-use buildings next occupying 7 percent of the space.
Within a 400-foot radius of 88 Tompkins Avenue, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, two were in new building development. There were two new building permit applications. The most recent of these two items was a filing on May 25, 2021 for a 14,999-square-foot R-2 building with 12 residential units at 96 Tompkins Avenue.
One of those three items was a loan which Abraham Brach borrowed $78.7 million from G4 Capital Partners secured by the 71,947-square-foot, 60-unit rental (D7) on 871 Myrtle Avenue and 58 other properties on June 10, 2021.

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