Carlyle, Greenbrook pay $2.3M to Sinai Sassouni for 4-family in Ridgewood

Carlyle Group and Greenbrook Partners through the entity Townhouse Rental II, L.L.C. paid $2.3 million to Sinai Sassouni through the entity Od26 LLC for the four-unit building (C3) at 285 Onderdonk Avenue in Ridgewood, Queens. The expected use is cash flowing.
The deal closed on April 9, 2025 and was recorded on April 21, 2025. The property has 2,750 square feet of built space and 506 square feet of additional air rights for a total buildable of 3,253 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $847 and the price per buildable square foot is $716 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 August 25, 2022, for $1,000,000. The signatory for Sinai Sassouni was Sinai Sassouni. The signatory for Carlyle Group and Greenbrook Partners was Jennifer Lico. The contract date was November 27, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Carlyle Group purchased 107 properties in 103 transactions for a total of $1.5 billion and sold 32 properties in three transactions for a total of $114 million over the past 24 months.
The seller Sinai Sassouni had not purchased any other properties and sold two properties in two transactions for a total of $5.2 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Sinai Sassouni, head officer and Daniel Mahfar, officer. The business entity is Od26 Llc. The 2,750-square-foot property generated revenue of $46,833 or $17 per square foot, according to the most recent income and expense figures.

The property

The 1-4 family building with 4 residential units in Ridgewood has 2,750 square feet of built space and 506 square feet of additional air rights for a total buildable of 3,253 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 96 feet deep with a total lot size of 2,410 square feet. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $541,000.

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 $200 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 owner of the one commercial property that spans that spans zero square feet on the block.The identified owner is City Of New York.
There are no active new building construction projects on this tax block.

All properties are development.

The seller

The PincusCo database currently indicates that Sinai Sassouni owned at least one commercial property with eight residential units in New York City with 7,785 square feet and a city-determined market value of $1.7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Greenbrook Partners owned at least 339 commercial properties with 1,676 residential units in New York City with 1,524,231 square feet and a city-determined market value of $505.4 million. (Market value is typically about 50% of actual value.) The portfolio has $354.7 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 49 percent of the 1,524,231 square feet of built space are walkup properties, with C0 properties next occupying 13 percent of the space. The bulk, or 96 percent of the built space, is in Brooklyn, with Queens next at 4 percent of the space.
The PincusCo database currently indicates that Carlyle Group owned at least 325 commercial properties with 3,778 residential units in New York City with 4,063,561 square feet and a city-determined market value of $942.6 million. (Market value is typically about 50% of actual value.) The portfolio has $736.5 million in debt, with top three lenders as Invesco, Prudential Financial, and PGIM Real Estate respectively. Within the portfolio, the bulk, or 38 percent of the 4,063,561 square feet of built space are elevator properties, with industrial properties next occupying 29 percent of the space. The bulk, or 48 percent of the built space, is in Brooklyn, with Queens next at 31 percent of the space.

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