While the street value for his property located next door the the 71stPct. Was only 1million, he conned itzik to close the deal at 3.1M
This is how he did it. Shpritzer knows how over protective itzic is over grocery stores, as he rents a empty super market on ENY to him (th old shuk)
Shpritzer got the kolel store to sign a false lease over the property in order make it into a supermarket, then he dropped a rumor to itzik that this was happening and emailed him part of this lease. alng with the dor sale signs on the property it was pretty convincing.
Itzik imediatly contacted mr spritzer and offered to purchase the land which they negotiated for a bit till they came the 3.1m price.