Carlyle Group buys stake in Greenbrook Partners’ Carroll Gardens property thru $4.5M recap

Carlyle Group through the entity Townhouse Rental II, L.L.C. bought a stake in Greenbrook Partners’ four-unit building (C3) at 105 Carroll Street in Carroll Gardens, Brooklyn, in a recapitalization valued at $4.5 million.
The deal closed on January 31, 2024 and was recorded on February 5, 2024. The property has 3,360 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,339 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.)
Greenbrook Partners bought the property on December 28, 2022, for $2.4 million. The signatory for Greenbrook Partners was Gregory Fournier. The signatory for Greenbrook Partners and Carlyle Group was Carter Martin. The contract date was August 15, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Greenbrook Partners purchased 18 properties in 15 transactions for a total of $55.9 million and sold 25 properties in 25 transactions for a total of $141.9 million over the past 24 months.
The seller Greenbrook Partners purchased 30 properties in 27 transactions for a total of $101.5 million and sold 25 properties in 25 transactions for a total of $141.9 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Prashanth Rayapudi, head officer and Dinara Igimbayeva, site manager. The business entity is 105 Carroll St Llc.

The property

The building with 4 residential units in Carroll Gardens has 3,360 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 64 feet deep with a total lot size of 1,332 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. 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 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 one of the eight commercial properties representing 5,700 square feet of the 54,927 square feet. The identified owner is Stan Levine.
There are no active new building construction projects on this tax block.

The majority, or 82 percent of the 54,927 square feet of built space are walkup buildings, with mixed-use buildings next occupying 18 percent of the space.

The seller

The PincusCo database currently indicates that Greenbrook Partners owned at least 102 commercial properties with 737 residential units in New York City with 685,972 square feet and a city-determined market value of $202.1 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 685,972 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.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 280 commercial properties with 2,703 residential units in New York City with 3,216,131 square feet and a city-determined market value of $808.4 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 48 percent of the 3,216,131 square feet of built space are elevator properties, with industrial properties next occupying 15 percent of the space. The bulk, or 40 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 102 commercial properties with 737 residential units in New York City with 685,972 square feet and a city-determined market value of $202.1 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 685,972 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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