Carlyle, Greenbrook pay $4.6M for 5-unit walkup in Greenpoint

Carlyle Group and Greenbrook Partners through the entity Townhouse Rental II, L.L.C. paid $4.6 million to Eden Ashourzadeh and Alon Ashourzadeh through the entity 549 Partner LLC for the five-unit residential walkup building (C2) at 549 Meeker Avenue in Greenpoint, Brooklyn.
This is at least the fourth property the Ashourzadehs have sold to Carlyle Group and Greenbrook Partners.
The deal closed on February 28, 2024 and was recorded on March 4, 2024. The property has 3,750 square feet of built space and 3,658 square feet of additional air rights for a total buildable of 7,409 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,231 and the price per buildable square foot is $623 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 sellers bought the property on July 31, 2023, for $2.2 million. The signatory for Eden Ashourzadeh and Alon Ashourzadeh was Eden Ashourzadeh and Alon Ashourzadeh. The signatory for Carlyle Group and Greenbrook Partners was Carter Martin. The contract date was September 20, 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 Eden Ashourzadeh purchased four properties in four transactions for a total of $10.4 million and sold two properties in two transactions for a total of $8 million over the same time period.

The property

The residential walkup building with 5 residential units in Greenpoint has 3,750 square feet of built space and 3,658 square feet of additional air rights for a total buildable of 7,409 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 122 feet deep with a total lot size of 3,049 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 received $690 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 six of the 13 commercial properties representing 27,555 square feet of the 58,773 square feet. The largest owner is William Chin, followed by Teresa Ozga and then Stanislaw Pienkos.
There are no active new building construction projects on this tax block.

The majority, or 64 percent of the 58,773 square feet of built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space.

The seller

The PincusCo database currently indicates that Alon Ashourzadeh owned at least 14 commercial properties with 63 residential units in New York City with 85,725 square feet and a city-determined market value of $20.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 31 percent of the 85,725 square feet of built space are mixed-use properties, with walkup properties next occupying 22 percent of the space. The bulk, or 54 percent of the built space, is in Brooklyn, with Bronx next at 32 percent of the space.
The PincusCo database currently indicates that Eden Ashourzadeh owned at least eight commercial properties with 43 residential units in New York City with 39,640 square feet and a city-determined market value of $10.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 84 percent of the 39,640 square feet of built space are walkup properties, with mixed-use properties next occupying 16 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 286 commercial properties with 2,743 residential units in New York City with 3,244,733 square feet and a city-determined market value of $817.7 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 3,244,733 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 105 commercial properties with 752 residential units in New York City with 698,812 square feet and a city-determined market value of $206 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 698,812 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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