Yitzchok Schwartz signs $25.8M refi loan with Berkadia for 55-unit rental in Bedford Stuyvesant

Yitzchok Schwartz through the entity Tompkins Estates II LLC as borrower signed a refi loan with lender Berkadia Commercial Mortgage valued at $25.8 million for the 55-unit residential elevator building (D7) at 88 Tompkins Avenue in Bedford Stuyvesant, Brooklyn.
The deal closed on December 1, 2025 and was recorded on December 8, 2025. The prior lender was Popular Bank which held debt that had an original loan amount of $24.6 million. The property has 58,848 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $437 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 owner bought the property on December 29, 2021, for $3.7 million. The signatory for Yitzchok Schwartz was Yitzchok Schwartz. The signatory for Berkadia Commercial Mortgage was Amy Jesberger .

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Isaac Schwartz, head officer. The business entity is Tompkins Estates II LLC. The 58,848-square-foot property generated revenue of $2 million or $33 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 55 residential units in Bedford Stuyvesant has 58,848 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 90 feet deep with a total lot size of 9,000 square feet. The zoning is R7D which allows for up to 4.2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.7 million.

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 $200 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on December 24, 2024. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

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 Abraham Brach, followed by Yitzchok Schwartz and then Michele Sottile.
On the tax block, there were three new building construction projects totaling 47,942 square feet. The largest is a 14-unit, 18,394 square-foot residential (R-2) building submitted by Blue Sky Builders and filed by Hershy Silberstein with plans filed August 22, 2025 and it has not been permitted yet. The second largest is a 12-unit, 14,999 square-foot residential (R-2) building submitted by Isaac Berkowitz with plans filed May 25, 2021 and it has not been permitted yet.

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 17 commercial properties with 416 residential units in New York City with 475,508 square feet and a city-determined market value of $71.5 million. (Market value is typically about 50% of actual value.) The portfolio has $291.3 million in debt, with top three lenders as G4 Capital Partners, Greystone & Co., and Kearny Bank respectively. Within the portfolio, the bulk, or 74 percent of the 475,508 square feet of built space are elevator properties, with industrial properties next occupying 22 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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