Yitzchok Schwartz Continues Crown Heights Condo Development Spree
A flurry of real estate activity in New York City sees developer Yitzchok Schwartz purchasing more parcels in Crown Heights for his latest condo project.
New York City's real estate market was buzzing with activity on Friday, Sept. 26, with 257 transactions totaling $488 million recorded in just 24 hours. Among the top deals was the sale of a Lenox Hill co-op at 825 Fifth Avenue for $33.6 million, making it the priciest residential sale of the day. The sellers, David and Jennifer Fischer, had originally listed the four-bedroom, full-floor unit for $37 million in December. David Fischer, former ambassador to Morocco and chairman and CEO of the Suburban Collection, will be saying goodbye to the co-op's three terraces as he moves on to his next venture.
But the biggest news of the day comes from Crown Heights, where Yitzchok Schwartz, a prominent developer, has been on a buying spree. Schwartz, who is known for his luxury condo developments, has purchased more parcels of land in the neighborhood for his latest project. This comes as no surprise, as Schwartz has been investing heavily in Crown Heights recently, with plans to develop a 10-story, 86-unit building on the corner of New York Avenue and Crown Street.
"Crown Heights is a rapidly growing neighborhood that offers a lot of potential for development," says Schwartz. "I am excited to continue investing in this community and bringing more high-end housing options to the area."
However, Schwartz's latest purchase has raised some eyebrows. The developer paid $14.5 million for a large parcel of land on Park Place and Franklin Avenue, which was previously owned by the city's Department of Housing Preservation and Development. The agency, which is responsible for creating and preserving affordable housing in the