Carlyle, Greenbrook pay $3.2M to Oren Hakim for walkup in Bedford Stuyvesant

Carlyle Group and Greenbrook Partners through the entity Townhouse Rental II, L.L.C. paid $3.2 million to Oren Hakim through the entity 116 On LLC for the 5-unit walkup building (C0) at 116 Madison Street in Bedford Stuyvesant, Brooklyn. The expected use is cash flowing.
The deal closed on July 31, 2025 and was recorded on August 8, 2025. The property has 3,040 square feet of built space and 960 square feet of additional air rights for a total buildable of 4,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,049 and the price per buildable square foot is $797 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 March 1, 2023, for $1.6 million. The signatory for Oren Hakim was Oren Hakim. The signatory for Carlyle Group and Greenbrook Partners was an attorney, Jennifer Lico . The contract date was June 23, 2025.

City Department of Buildings records show five units, but Department of City Planning records show three residential units. Sources said the correct figure is five units.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Carlyle Group purchased 83 properties in 80 transactions for a total of $1.2 billion and sold 32 properties in three transactions for a total of $114 million over the past 24 months.
The seller Oren Hakim purchased one property in one transaction for a total of $2.1 million and sold five properties in five transactions for a total of $15.7 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 116 On Llc.

The property

The building with 3 residential units in Bedford Stuyvesant has 3,040 square feet of built space and 960 square feet of additional air rights for a total buildable of 4,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 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 $1.6 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 three housing 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 four of the eight commercial properties representing 22,983 square feet of the 73,683 square feet. The largest owner is Arthur Gabriel, followed by Joseph Aizer and then Nuveen Real Estate.
There are no active new building construction projects on this tax block.

The majority, or 69 percent of the 73,683 square feet of built space are mixed-use buildings, with walkup buildings next occupying 31 percent of the space.

The seller

The PincusCo database currently indicates that Oren Hakim owned at least 14 commercial properties with 80 residential units in New York City with 67,622 square feet and a city-determined market value of $11 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 87 percent of the 67,622 square feet of built space are walkup properties, with mixed-use properties next occupying 13 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 334 commercial properties with 3,829 residential units in New York City with 4,151,489 square feet and a city-determined market value of $971.3 million. (Market value is typically about 50% of actual value.) The portfolio has $895.7 million in debt, with top three lenders as PGIM Real Estate, Invesco, and Prudential Financial respectively. Within the portfolio, the bulk, or 38 percent of the 4,151,489 square feet of built space are elevator properties, with industrial properties next occupying 28 percent of the space. The bulk, or 49 percent of the built space, is in Brooklyn, with Queens next at 31 percent of the space.
The PincusCo database currently indicates that Greenbrook Partners owned at least 333 commercial properties with 1,650 residential units in New York City with 1,506,449 square feet and a city-determined market value of $495.1 million. (Market value is typically about 50% of actual value.) The portfolio has $358 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 1,506,449 square feet of built space are walkup properties, with C0 properties next occupying 13 percent of the space. The bulk, or 95 percent of the built space, is in Brooklyn, with Queens next at 5 percent of the space.

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