Yitzchok Schwartz signs $24.6M construction loan for corner dev site in Bedford Stuyvesant

Yitzchok Schwartz through the entity Tompkins Estates II LLC as borrower signed a new construction loan with lender Popular Bank valued at $24.6 million for the corner development site at 88-96 Tompkins Avenue in Bedford Stuyvesant, Brooklyn.
The deal closed on April 25, 2023 and was recorded on April 27, 2023. The prior lender was Cheskel Weider which held debt that had an original loan amount of $7.5 million.
The owner bought the property on December 29, 2021, for $3.7 million. The signatory for Yitzchok Schwartz was Yitzchok Schwartz. The signatory for Popular Bank was Sana Khaliq.

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 one DOB violation, $3,500 in ECB penalties, and $3,910 in OATH penalties in the last year.

Development

On the lot, there is at least one active new building construction project for a 16-unit, 15,598 square-foot R-2 building. The project was submitted by Jose Jorge with plans filed May 29, 2018 and it has not been permitted yet.

The block

On this tax block, PincusCo has identified the owners of nine of the 11 commercial properties representing 233,321 square feet of the 236,115 square feet. The largest owner is Yitzchok Schwartz and then Rong Chen.
On the tax block, there were four new building construction projects totaling 159,486 square feet. The largest is a 58-unit, 114,340 square-foot residential (R-2) building submitted by Empire State Management and filed by Isac Deutsch with plans filed December 8, 2014 and permitted June 8, 2015. The second largest is a 16-unit, 15,598 square-foot residential (R-2) building submitted by Jose Jorge with plans filed May 29, 2018 and permitted November 21, 2018.

The majority, or 89 percent of the 236,115 square feet of built space are elevator buildings, with mixed-use buildings next occupying 7 percent of the space.

The borrower

The PincusCo database currently indicates that Yitzchok Schwartz owned at least seven commercial properties with 333 residential units in New York City with 334,091 square feet. The portfolio has $74.5 million in debt, with top three lenders as Kearny Bank, Greystone & Co., and Investors Bank respectively. Within the portfolio, the bulk, or 99 percent of the 334,091 square feet of built space are elevator properties, with development properties next occupying 1 percent of the space. The bulk, or 82 percent of the built space, is in Brooklyn, with Queens next at 18 percent of the space.

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