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

The Carlyle Group and Greenbrook Partners through the entity Townhouse Rental II, L.L.C. paid $2.2 million to Oren Hakim through the entity 203 On LLC for the three-unit building (C0) at 203 Cornelia Street in Bushwick, Brooklyn.
The deal closed on January 23, 2024 and was recorded on January 29, 2024. The property has 2,430 square feet of built space and 1,942 square feet of additional air rights for a total buildable of 4,371 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $903 and the price per buildable square foot is $502 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 December 22, 2022, for $1 million. The signatory for Oren Hakim was Maureen A. Carroll. The signatory for Carlyle Group and Greenbrook Partners was Carter Martin. The contract date was October 11, 2023. Oren Hakim in December 2022 bought the property for $1.05 million from the lender, which in 2019 had taken it from the prior borrower through a foreclosure.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Carlyle Group purchased 174 properties in 156 transactions for a total of $924.5 million and sold one property in one transactions for a total of $4 million over the past 24 months.
The seller Oren Hakim purchased one properties in one transactions for a total of $1.3 million and sold seven properties in seven transactions for a total of $21.9 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Oren Hakim, head officer. The business entity is 203 On Llc.

The property

The building with 3 residential units in Bushwick has 2,430 square feet of built space and 1,942 square feet of additional air rights for a total buildable of 4,371 square feet according to a PincusCo analysis of city data. The parcel has frontage of 18 feet and is 100 feet deep with a total lot size of 1,799 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 $1.3 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 not received any significant violations 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 one of the four commercial properties representing 3,816 square feet of the 22,487 square feet. The identified owner is G-Way Management.
There are no active new building construction projects on this tax block.

The majority, or 59 percent of the 22,487 square feet of built space are mixed-use buildings, with elevator buildings next occupying 41 percent of the space.

The seller

The PincusCo database currently indicates that Oren Hakim owned at least 13 commercial properties with 80 residential units in New York City with 61,622 square feet and a city-determined market value of $10.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 95 percent of the 61,622 square feet of built space are walkup properties, with mixed-use properties next occupying 5 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 278 commercial properties with 2,696 residential units in New York City with 3,208,525 square feet and a city-determined market value of $804.6 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 48 percent of the 3,208,525 square feet of built space are elevator properties, with industrial properties next occupying 15 percent of the space. The bulk, or 40 percent of the built space, is in Brooklyn, with Queens next at 35 percent of the space.

The PincusCo database currently indicates that Greenbrook Partners owned at least 100 commercial properties with 730 residential units in New York City with 678,366 square feet and a city-determined market value of $198.3 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 65 percent of the 678,366 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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