Carlyle, Greenbrook pay $2.5M for 4-family in Ridgewood

Carlyle Group and Greenbrook Partners through the entity Townhouse Rental II, L.L.C. paid $2.5 million to Moshe Katzman and Perl Weisz through the entity 580 Fairview LLC for the four-unit building (C3) at 580 Fairview Avenue in Ridgewood, Queens.
The deal closed on May 22, 2024 and was recorded on June 7, 2024. The property has 2,750 square feet of built space and 1,616 square feet of additional air rights for a total buildable of 4,370 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $921 and the price per buildable square foot is $580 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 June 24, 2015, for $1.1 million. The signatories for Moshe Katzman and Perl Weisz were Moshe Katzman and Perl Weisz. Perl Weisz is affiliated with CW Realty Group. The signatory for Carlyle Group and Greenbrook Partners was Carter Martin. The contract date was January 25, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Carlyle Group purchased 159 properties in 10 transactions for a total of $1.6 billion and sold three properties in two transactions for a total of $8.2 million over the past 24 months.
The seller Moshe Katzman had not purchased any other properties and sold one property in one transaction for a total of $2.5 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Perl Weisz, head officer and Shaye Falkowitz, agent. The business entity is 580 Fairview Llc.

The property

The building with 4 residential units in Ridgewood has 2,750 square feet of built space and 1,616 square feet of additional air rights for a total buildable of 4,370 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 87 feet deep with a total lot size of 2,185 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. 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 $3,205 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 two of the 11 commercial properties representing 9,575 square feet of the 47,310 square feet. The two identified owners are Vito Oliveri and Moses Mizrahi.
There are no active new building construction projects on this tax block.

The majority, or 60 percent of the 47,310 square feet of built space are mixed-use buildings, with walkup buildings next occupying 40 percent of the space.

The seller

The PincusCo database currently indicates that Perl Weisz owned at least one commercial property with four residential units in New York City with 7,670 square feet and a city-determined market value of $993,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Greenbrook Partners owned at least 326 commercial properties with 1,600 residential units in New York City with 1,485,248 square feet and a city-determined market value of $488.9 million. (Market value is typically about 50% of actual value.) The portfolio has $348.8 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 50 percent of the 1,485,248 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 306 commercial properties with 2,802 residential units in New York City with 3,807,141 square feet and a city-determined market value of $894.1 million. (Market value is typically about 50% of actual value.) The portfolio has $600 million in debt, with top three lenders as Invesco, Prudential Financial, and Santander Bank respectively. Within the portfolio, the bulk, or 40 percent of the 3,807,141 square feet of built space are elevator properties, with industrial properties next occupying 26 percent of the space. The bulk, or 45 percent of the built space, is in Brooklyn, with Queens next at 33 percent of the space.

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