Carlyle, Greenbrook pay $5.5M for 5-unit walkup in Williamsburg

Carlyle Group and Greenbrook Partners through the entity Townhouse Rental II, L.L.C. paid $5.5 million to Eden Ashourzadeh and Alon Ashourzadeh through the entity 174 Meserole Partner LLC for the five-unit residential walkup building (C2) at 174 Meserole Street in Williamsburg, Brooklyn. This building is an individual city landmark, the F.J. Berlenbach House.
The deal closed on May 9, 2024 and was recorded on May 10, 2024. The property has 4,875 square feet of built space and 1,199 square feet of additional air rights for a total buildable of 6,072 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,122 and the price per buildable square foot is $900 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 20, 2023, for $2.6 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 June 18, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Carlyle Group purchased 158 properties for a total of $1.6 billion over the past 24 months.
The seller Eden Ashourzadeh purchased five properties in five transactions for a total of $13.2 million and sold three properties in three transactions for a total of $12.6 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Alon Ashourzadeh, head officer. The business entity is 174 Meserole Partner Llc.

The property

The residential walkup building with 5 residential units in Williamsburg has 4,875 square feet of built space and 1,199 square feet of additional air rights for a total buildable of 6,072 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,499 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Individual Landmark. 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 $300 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 16 of the 28 commercial properties representing 106,278 square feet of the 159,971 square feet. The largest owner is Zvi Markowitz, followed by Solomon Kubitshuk and then Renee Lasker.
On the tax block, there was one new building construction project filed totaling 6,806 square feet. It is a 10-unit, 6,806 square-foot residential (R-2) building submitted by Solomon Kubitchek with plans filed November 21, 2018 and it has not been permitted yet.

The majority, or 69 percent of the 159,971 square feet of built space are walkup buildings, with mixed-use buildings next occupying 31 percent of the space.

The seller

The PincusCo database currently indicates that Alon Ashourzadeh owned at least 15 commercial properties with 67 residential units in New York City with 88,365 square feet and a city-determined market value of $21.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 30 percent of the 88,365 square feet of built space are mixed-use properties, with walkup properties next occupying 21 percent of the space. The bulk, or 56 percent of the built space, is in Brooklyn, with Bronx next at 31 percent of the space.
The PincusCo database currently indicates that Eden Ashourzadeh owned at least eight commercial properties with 42 residential units in New York City with 38,530 square feet and a city-determined market value of $10.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 76 percent of the 38,530 square feet of built space are walkup properties, with mixed-use properties next occupying 17 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 304 commercial properties with 2,784 residential units in New York City with 3,788,283 square feet and a city-determined market value of $890 million. (Market value is typically about 50% of actual value.) The portfolio has $1.3 billion in debt, with top three lenders as Invesco Real Estate, Invesco, and Prudential Financial respectively. Within the portfolio, the bulk, or 40 percent of the 3,788,283 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.
The PincusCo database currently indicates that Greenbrook Partners owned at least 323 commercial properties with 1,473,429 square feet, 1,585 residential units and a city-determined market value of $486.6 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 1,473,429 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.

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