Yitzchok Schwartz pays $4.7M through bankruptcy for dev site in Bedford Stuyvesant

Yitzchok Schwartz through the entity Broadway Estates II LLC paid $4.7 million through a bankruptcy sale for the specialty building (M1) at 599 Willoughby Avenue in Bedford Stuyvesant, Brooklyn. The expected use is ground up development. The prior owner was Chaskel Strulovitch.
The deal closed on February 2, 2026 and was recorded on February 12, 2026. The property has 8,175 square feet of built space and 3,840 square feet of additional air rights for a total buildable of 12,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $569 and the price per buildable square foot is $387 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 June 25, 2014, for $1.9 million. The signatory for Chaskel Strulovitch was Allan B. Mendelsohn. The signatory for Yitzchok Schwartz was Yitzchok Schwartz. The contract date was November 13, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Yitzchok Schwartz purchased 11 properties in six transactions for a total of $120.4 million and has no record it sold any properties over the past 24 months.
The seller Chaskel Strulovitch had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building in Bedford Stuyvesant has 8,175 square feet of built space and 3,840 square feet of additional air rights for a total buildable of 12,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 100 feet deep with a total lot size of 6,000 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $802,000.

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 two DOB violations, $40,000 in ECB penalties, and $36,150 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

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 1.9 times the average amount of major developments relative to 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 14 of the 16 commercial properties representing 108,481 square feet of the 121,422 square feet. The largest owner is Elh Mgmt., followed by Robert Calcagno and then Moshe Gold.
There are no active new building construction projects on this tax block.

The majority, or 89 percent of the 121,422 square feet of built space are walkup buildings, with mixed-use buildings next occupying 11 percent of the space.

The buyer

The PincusCo database currently indicates that Yitzchok Schwartz owned at least 22 commercial properties with 428 residential units in New York City with 515,030 square feet and a city-determined market value of $85.1 million. (Market value is typically about 50% of actual value.) The portfolio has $317.1 million in debt, with top three lenders as G4 Capital Partners, Greystone & Co., and Kearny Bank respectively. Within the portfolio, the bulk, or 68 percent of the 515,030 square feet of built space are elevator properties, with industrial properties next occupying 20 percent of the space. The bulk, or 88 percent of the built space, is in Brooklyn, with Queens next at 12 percent of the space.

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