Yitzchok Schwartz signs $11.2M construction loan for Bed Stuy dev site

Yitzchok Schwartz through the entity Marcus Estates II LLC as borrower signed a construction loan with lender Broadview Capital through the entity Broadview Capital LLC valued at $11.2 million for the development site at 25-27 Marcus Garvey Boulevard in Bedford Stuyvesant, Brooklyn.

On these lots, there is one active new building construction project, B01348178, for a residential (R-2) building. The project was submitted by Yitzchok Schwartz and filed by Yitzchok Schwartz with plans filed January 26, 2026 and it has not been permitted yet.

The loan closed on March 19, 2026 and was recorded on March 30, 2026. The prior lender was Arion Fund which held debt that had an original loan amount of $1.8 million. The two properties have 8,625 square feet of built space and 11,375 square feet of additional air rights for a total buildable of 20,000 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $1,298 and the price per buildable square foot is $560 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 Yitzchok Schwartz was Yitzchok Schwartz. The signatory for Broadview Capital was Lawrence Andelsman .

Prior sales, articles and revenue

The owner according to the Department of Housing Preservation and Development is Isaac Schwartz, head officer. The business entity is Marcus Estates Ii Llc.

The property

The mixed-use building with 3 residential units in Bedford Stuyvesant has 8,625 square feet of built space and 11,375 square feet of additional air rights for a total buildable of 20,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 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 $561,000.

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 received one DOB violation, $3,125 in ECB penalties, and $4,535 in OATH penalties 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 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. There were 196 pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On the tax block of 25 Marcus Garvey Blvd, PincusCo has identified the owners of nine of the 29 commercial properties representing 113,427 square feet of the 196,037 square feet. The largest owner is Dsa Property Group, followed by Bruchy Lefkowitz and then Moshe Ja.
On the tax block, there were two new building construction projects totaling 74,177 square feet. The largest is a 50-unit, 45,812 square-foot residential (R-2) building submitted by Bruchy Lefkowitz and filed by Bruchy Lefkowitz with plans filed July 18, 2023 and permitted December 26, 2025. The second largest is a 16-unit, 28,365 square-foot residential (R-2) building submitted by Yitzchok Schwartz and filed by Yitzchok Schwartz with plans filed January 26, 2026 and it has not been permitted yet.

The majority, or 41 percent of the 196,037 square feet of built space are mixed-use buildings, with elevator buildings next occupying 29 percent of the space.

The borrower

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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