Carlyle, Greenbrook pays $3.6M to Castro Harper Fund for 6-unit walkup in Bushwick

Carlyle Group and Greenbrook Partners through the entity Townhouse Rental II, L.L.C. paid $3.6 million to Castro Harper Fund and Sapir Development Group through the entity 368 Weirfield Group LLC for the six-unit residential walkup building (C2) at 368 Weirfield Street in Bushwick, Brooklyn. The expected use is cash flowing.
The deal closed on January 3, 2025 and was recorded on January 9, 2025. The property has 4,542 square feet of built space and 320 square feet of additional air rights for a total buildable of 4,860 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $802 and the price per buildable square foot is $749 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 October 1, 2021, for $1.6 million. The signatory for Castro Harper Fund, also known as Castro Harper Investments, was Giovanni Castro. The signatory for Carlyle Group and Greenbrook Partners was Jennifer Lico. The contract date was August 30, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Carlyle Group purchased 115 properties in 111 transactions for a total of $1.5 billion and sold three properties in two transactions for a total of $53.2 million over the past 24 months.
The seller Castro Harper Fund had not purchased any other properties and had not sold any properties over the same time period.

The property

The residential walkup building with 6 residential units in Bushwick has 4,542 square feet of built space and 320 square feet of additional air rights for a total buildable of 4,860 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 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 $1.2 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

For the tax lot building, it received its initial certificate of occupancy on February 6, 2023. 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 three of the 12 commercial properties representing 41,494 square feet of the 105,895 square feet. The largest owner is Horizon Group, followed by Yehuda Cohen and then Carlyle Group.
There are no active new building construction projects on this tax block.

The majority, or 58 percent of the 105,895 square feet of built space are industrial buildings, with elevator buildings next occupying 31 percent of the space.

The buyer

The PincusCo database currently indicates that Greenbrook Partners owned at least 333 commercial properties with 1,651 residential units in New York City with 1,506,412 square feet and a city-determined market value of $497.3 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 49 percent of the 1,506,412 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 316 commercial properties with 3,740 residential units in New York City with 3,926,951 square feet and a city-determined market value of $917.1 million. (Market value is typically about 50% of actual value.) The portfolio has $700.5 million in debt, with top three lenders as Invesco, Prudential Financial, and Santander Bank respectively. Within the portfolio, the bulk, or 39 percent of the 3,926,951 square feet of built space are elevator properties, with industrial properties next occupying 27 percent of the space. The bulk, or 46 percent of the built space, is in Brooklyn, with Queens next at 32 percent of the space.

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