Carlyle, Greenbrook pay $2.2M for 3-family in Bushwick

Carlyle Group and Greenbrook Partners through the entity Townhouse Rental II, L.L.C. paid $2.2 million to Eial Girtz through the entity 1398 Bushwick LLC for the three-unit building (C0) at 1398 Bushwick Avenue in Bushwick, Brooklyn.
The deal closed on March 6, 2024 and was recorded on March 8, 2024. The property has 2,925 square feet of built space and 858 square feet of additional air rights for a total buildable of 3,790 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $747 and the price per buildable square foot is $576 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on September 29, 2016, for $830,000. The signatory for Eial Girtz was Joseph J. Cohen. The signatory for Carlyle Group and Greenbrook Partners was Carter Martin. The contract date was September 5, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Carlyle Group purchased 168 properties in 150 transactions for a total of $906.3 million and sold one property in one transactions for a total of $4 million over the past 24 months.
The seller Eial Girtz had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Gil Shenhav, head officer and Emil Perez, site manager. The business entity is 1398 Bushwick Llc.

The property

The building with 3 residential units in Bushwick has 2,925 square feet of built space and 858 square feet of additional air rights for a total buildable of 3,790 square feet according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 80 feet deep with a total lot size of 1,560 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $330 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of three of the 12 commercial properties representing 19,518 square feet of the 62,238 square feet. The largest owner is Robert Matatov, followed by Moshe Meir and then Emmanuel Ku.
On the tax block, there was one new building construction project filed totaling 5,319 square feet. It is a eight-unit, 5,319 square-foot residential (R-2) building submitted by Ben Sadykov with plans filed February 28, 2019 and permitted September 25, 2020.

The majority, or 60 percent of the 62,238 square feet of built space are walkup buildings, with mixed-use buildings next occupying 36 percent of the space.

The seller

The PincusCo database currently indicates that Eial Girtz owned at least two commercial properties with 13 residential units in New York City with 8,070 square feet and a city-determined market value of $2 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 287 commercial properties with 2,748 residential units in New York City with 3,248,483 square feet and a city-determined market value of $818.9 million. (Market value is typically about 50% of actual value.) The portfolio has $1.2 billion in debt, with top three lenders as Invesco Real Estate, Invesco, and Santander Bank respectively. Within the portfolio, the bulk, or 47 percent of the 3,248,483 square feet of built space are elevator properties, with walkup properties next occupying 15 percent of the space. The bulk, or 41 percent of the built space, is in Brooklyn, with Queens next at 34 percent of the space.
The PincusCo database currently indicates that Greenbrook Partners owned at least 106 commercial properties with 757 residential units in New York City with 702,562 square feet and a city-determined market value of $207.3 million. (Market value is typically about 50% of actual value.) The portfolio has $277.3 million in debt, with top three lenders as Invesco Real Estate, Rialto Capital Management, and MP Real Estate Capital respectively. Within the portfolio, the bulk, or 64 percent of the 702,562 square feet of built space are walkup properties, with mixed-use properties next occupying 10 percent of the space. They are all located in Brooklyn.

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