Updated Sep 11, 2026
Yitzchok Schwartz Secures $24.6M Construction Loan For Brooklyn Development Site
88 Tompkins Avenue
$24,600,000
Building Size
—
Asset Type
Development Site
Closing
Apr 25, 2023
About this deal
AI
The development site at 88-96 Tompkins Avenue in Brooklyn's Bedford Stuyvesant has secured a construction loan of $24.6 million. The loan was signed by Yitzchok Schwartz, represented by his entity, Tompkins Estates II LLC, with Popular Bank. This corner development site is located in the vibrant market of Brooklyn.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $24,600,000
- Lender: Popular Bank
- Landlord: Yitzchok Schwartz
This loan transaction marks a significant step for Yitzchok Schwartz and his entity, Tompkins Estates II LLC. With the support of Popular Bank, they can now proceed with the development of the corner site at 88-96 Tompkins Avenue. This construction loan will enable them to bring their vision to life in Brooklyn's Bedford Stuyvesant neighborhood.
On the Map
$24,600,000
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.64%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93