Carlyle, Greenbrook pay $5.6M to Penn South Capital for 4-family in Greenpoint

Carlyle Group and Greenbrook Partners through the entity Townhouse Rental II, L.L.C. paid $5.6 million to Penn South Capital through the entity Brooklyn5 LLC for the four-unit building (C3) at 138 Noble Street in Greenpoint, Brooklyn. The expected use is cash flowing.
The deal closed on August 20, 2025 and was recorded on September 3, 2025. The property has 3,750 square feet of built space and 303 square feet of additional air rights for a total buildable of 4,050 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,500 and the price per buildable square foot is $1,388 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 7, 2023, for $3.2 million. The signatory for Penn South Capital was Parag Sawhney . The signatory for Carlyle Group and Greenbrook Partners was Jennifer Lico . The contract date was August 20, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Carlyle Group purchased 85 properties in 82 transactions for a total of $1.1 billion and sold 31 properties in two transactions for a total of $65 million over the past 24 months.
The seller Penn South Capital purchased 15 properties in 13 transactions for a total of $79.4 million and sold five properties in five transactions for a total of $27.6 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Anesti Xhixha, head officer and Pablo Ramon, agent. The business entity is Noble By 328 Llc. The 3,750-square-foot property generated revenue of $106,650 or $28 per square foot, according to the most recent income and expense figures.

The property

The 1-4 family building with 4 residential units in Greenpoint has 3,750 square feet of built space and 303 square feet of additional air rights for a total buildable of 4,050 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 81 feet deep with a total lot size of 2,025 square feet. The lot is irregular. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Greenpoint Historic District. The city-designated market value for the property in 2022 is $2.2 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 $80 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 12 commercial properties representing 26,426 square feet of the 43,280 square feet. The largest owner is Anna Trojan, followed by Victor Celli and then William J Vogel.
There are no active new building construction projects on this tax block.

The majority, or 54 percent of the 43,280 square feet of built space are walkup buildings, with mixed-use buildings next occupying 43 percent of the space.

The seller

The PincusCo database currently indicates that Penn South Capital owned at least 28 commercial properties with 264 residential units in New York City with 186,910 square feet and a city-determined market value of $84.5 million. (Market value is typically about 50% of actual value.) The portfolio has $107.5 million in debt, with top three lenders as KeyBank, Shelter Growth Capital Partners, and Midcap Financial respectively. Within the portfolio, the bulk, or 65 percent of the 186,910 square feet of built space are walkup properties, with mixed-use properties next occupying 9 percent of the space. The bulk, or 72 percent of the built space, is in Manhattan, with Brooklyn next at 28 percent of the space.

The buyer

The PincusCo database currently indicates that Greenbrook Partners owned at least 340 commercial properties with 1,670 residential units in New York City with 1,514,173 square feet and a city-determined market value of $505.7 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 48 percent of the 1,514,173 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 338 commercial properties with 3,859 residential units in New York City with 4,178,395 square feet and a city-determined market value of $980.5 million. (Market value is typically about 50% of actual value.) The portfolio has $932.9 million in debt, with top three lenders as Invesco, PGIM Real Estate, and Prudential Financial respectively. Within the portfolio, the bulk, or 38 percent of the 4,178,395 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 30 percent of the space.

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