Deals & development · 10/22/2026
Brooklyn residential developer buys Greenpoint industrial site for $17M
Brooklyn residential developer Yitzchok Schwartz paid $17 million for a former trucking facility in Greenpoint, Crain's New York reports. The available text does not describe plans for the site.
Reported by Crain's New YorkRead the original ↗
What happened
A Brooklyn residential developer has bought a former trucking facility in Greenpoint, Brooklyn. Crain's New York reported the deal on October 22, 2026.
According to Crain's, the buyer is Yitzchok Schwartz, who paid $17 million for the site. Crain's describes the property as an industrial site.
The report does not give an address. It does not say what Schwartz plans to build or when. It also does not mention any housing units, rents or affordable housing.
Key facts
- Buyer
- Yitzchok Schwartz, described as a Brooklyn residential developer
- Price
- $17 million
- Property
- Former trucking facility, described as an industrial site
- Neighborhood
- Greenpoint, Brooklyn
- Reported by
- Crain's New York
- Date reported
- October 22, 2026
What it means
Landlords
This is a single land purchase with no announced project. Nothing in the report changes rules or costs for existing rental buildings.
Tenants and voucher holders
No new apartments, affordable units or lotteries have been announced for this site. There is nothing to apply for at this time.
Buyers and owners
The deal shows a residential developer paying $17 million for a former industrial property in Greenpoint. The report does not say whether housing will be built there.
The highlights
- The buyer is Yitzchok Schwartz.
- The property is a former trucking facility.
Why it matters Landlords
A residential developer buying industrial land in Greenpoint is one more data point on North Brooklyn land prices.
Not known yet
- The exact address and size of the site
- What the buyer plans to build, if anything, and on what timeline
- Whether current zoning allows housing on the site or a rezoning would be needed
- Whether any future project would include income-restricted apartments
Background
In New York City, building housing on land zoned for manufacturing generally requires a rezoning. That usually goes through the city's public land use review process, known as ULURP. In areas mapped for Mandatory Inclusionary Housing, new residential projects must set aside a share of apartments as income-restricted. Those apartments are typically rented through the city's Housing Connect lottery system.
Summary written by Bulwark from Crain's New York’s reporting. The original story is at crainsnewyork.com. This is general information, not legal advice.
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Photo: Andre Carrotflower, CC BY-SA 4.0