Carlyle, Greenbrook pays $2.6M for 2-family in Bed Stuy

Carlyle Group and Greenbrook Partners through the entity Townhouse Rental II, L.L.C. paid $2.6 million to Joseph Yaakovzadeh through the entity 609 Bricks LLC for the two-unit building (B3) at 350 Putnam Avenue in Bedford Stuyvesant, Brooklyn.
The deal closed on June 5, 2024 and was recorded on June 10, 2024. The property has 3,208 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $826 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 January 18, 2023, for $1.4 million. The signatory for Joseph Yaakovzadeh was Matthew Matatof. The signatory for Carlyle Group and Greenbrook Partners was Carter Martin. The contract date was February 16, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Carlyle Group purchased properties in 160 transactions for a total of $1.64 billion and sold three properties in two transactions for a total of $8.2 million over the past 24 months.
The seller Joseph Yaakovzadeh had not purchased any other properties and sold 12 properties in 12 transactions for a total of $30.6 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Joseph Yaakovzadeh, head officer and Yaniv Itzhak, officer. The business entity is 609 Bricks Llc.

The property

The building with 2 residential units in Bedford Stuyvesant has 3,208 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 17 feet and is 80 feet deep with a total lot size of 1,426 square feet. 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 Bedford 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 not received any significant 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 11 of the 19 commercial properties representing 100,714 square feet of the 136,740 square feet. The largest owner is Westbridge Realty Group, followed by Weissman Equities and then Shimrit Ezra.
There are no active new building construction projects on this tax block.

The majority, or 48 percent of the 136,740 square feet of built space are walkup buildings, with elevator buildings next occupying 37 percent of the space.

The seller

The PincusCo database currently indicates that Joseph Yaakovzadeh owned at least 22 commercial properties with 107 residential units in New York City with 98,998 square feet and a city-determined market value of $19.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 51 percent of the 98,998 square feet of built space are mixed-use properties, with walkup properties next occupying 46 percent of the space. The bulk, or 91 percent of the built space, is in Brooklyn, with Bronx next at 9 percent of the space.

The buyer

The PincusCo database currently indicates that Greenbrook Partners owned at least 327 commercial properties with 1,604 residential units in New York City with 1,487,998 square feet and a city-determined market value of $489.5 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 1,487,998 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 307 commercial properties with 2,806 residential units in New York City with 3,809,891 square feet and a city-determined market value of $894.6 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 3,809,891 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.

Direct link to Acris document. link