Yitzchok Schwartz pays $35.5M for dev site in Bedford Stuyvesant

Yitzchok Schwartz through the entity Myrtle Estates II LLC paid $35.5 million to Joseph Elishayev through the entity 1111 Myrtle Avenue Group LLC for the development site at (K1) at 1101-1123 Myrtle Avenue in Bedford Stuyvesant, Brooklyn. The expected use is ground up development.

On these lots, there is one active new building construction project, B01348174, for a 77-unit, 119,949 square-foot residential (R-2) building. The project was submitted by Yitzchok Schwartz and filed by Yitzchok Schwartz with plans filed January 27, 2026 and it has not been permitted yet.
The deal closed on March 27, 2026 and was recorded on April 7, 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. The sale price per built square foot is $1,420 and the price per buildable square foot is $295 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 Joseph Elishayev was Yosef Elishayev . The signatory for Yitzchok Schwartz was Yitzchok Schwartz. The contract date was August 18, 2025.

At the same time, Yitzchok Schwartz obtained a $53.25 million construction loan from G4 Capital Partners.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Yitzchok Schwartz purchased 12 properties in seven transactions for a total of $125.1 million and has no record it sold any properties over the past 24 months.
The seller Joseph Elishayev had not purchased any other properties and sold three properties in one transaction for a total of $10 over the same time period. Out of the three properties, one with a total of 25,000 square feet of built space generated revenue of $1.3 million per year.

The property

The retail building in Bedford Stuyvesant has 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. The parcel has frontage of 250 feet and is 100 feet deep with a total lot size of 25,000 square feet. The zoning is C4-4L which allows for up to nan times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $14.8 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

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 3.9 times the average sales volume among other neighborhoods with $1.3 billion in sales volume in the last two years and is the 2nd highest in Brooklyn. For development, Bedford Stuyvesant has 2 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Brooklyn. It had 3.1 million 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 the tax block of 1123 Myrtle Avenue, PincusCo has identified the owners of nine of the 16 commercial properties representing 193,593 square feet of the 241,570 square feet. The largest owner is Yitzchok Schwartz, followed by Leon Mann and then William Chun.
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 and filed by Yitzchok Schwartz with plans filed January 27, 2026 and it has not been permitted yet.

The majority, or 54 percent of the 241,570 square feet of built space are elevator buildings, with mixed-use buildings next occupying 24 percent of the space.

The buyer

The PincusCo database currently indicates that Yitzchok Schwartz owned at least 23 commercial properties with 428 residential units in New York City with 523,205 square feet and a city-determined market value of $85.9 million. (Market value is typically about 50% of actual value.) The portfolio has $449.8 million in debt, with top three lenders as G4 Capital Partners, PGIM Real Estate, and Greystone & Co. respectively. Within the portfolio, the bulk, or 67 percent of the 523,205 square feet of built space are elevator properties, with industrial properties next occupying 20 percent of the space. The bulk, or 89 percent of the built space, is in Brooklyn, with Queens next at 11 percent of the space.

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