Updated Apr 8, 2026
Yitzchok Schwartz Acquires Development Site From Joseph Elishayev For $35.5 Million In Brooklyn
1101 Myrtle Avenue & 1123 Myrtle Avenue Bedford
$35,500,000
Units
77
Asset Type
Development Site
Closing
Mar 27, 2026
About this deal
AI
A development site located at 1101-1123 Myrtle Avenue in Bedford Stuyvesant, Brooklyn has been sold for $35,500,000. The property encompasses 120,000 square feet, resulting in a price per buildable square foot of $296. The buyer has plans for a residential project consisting of 77 units, which is currently awaiting permits.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $35,500,000
- Address: 1101-1123 Myrtle Avenue
- Market: Bedford Stuyvesant, Brooklyn
- Buildable Square Feet: 120,000
- Price Per Buildable Square Foot: $296
- Buyer: Yitzchok Schwartz
- Seller: Joseph Elishayev
Yitzchok Schwartz, representing Myrtle Estates II LLC, is the buyer in this transaction. The seller of the property is Joseph Elishayev, who has finalized the deal for the development site.
On the Map
$35,500,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.45%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93