Carlyle Group pays $12.7M to Greenbrook Partners for 16-unit walkup in Park Slope

Carlyle Group through the entity Townhouse Rental, L.L.C. paid $12.7 million to Greenbrook Partners through the entity 812 8 Ave, LLC for the 16-unit residential walkup building (C1) at 812 8th Avenue in Park Slope, Brooklyn.
The deal closed on May 25, 2023 and was recorded on June 2, 2023. The property has 10,532 square feet of built space and 753 square feet of additional air rights for a total buildable of 11,295 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,209 and the price per buildable square foot is $1,127 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 November 23, 2020, for $5.5 million. The signatory for Greenbrook Partners was Gregory Fournier. The signatory for Carlyle Group was Carter Martin. Greenbrook Partners, which has partnered with Carlyle Group in ownership, bought the property in 2020 for $5.5 million.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Carlyle Group purchased 161 properties in 143 transactions for a total of $873.4 million and sold one property in one transactions for a total of $4 million over the past 24 months.
The seller Greenbrook Partners purchased 39 properties in 39 transactions for a total of $144 million and sold 15 properties in 15 transactions for a total of $77.4 million over the same time period.  The business entity is 812 8 Ave Llc. The 10,532-square-foot property generated revenue of $446,662 or $42 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 16 residential units in Park Slope has 10,532 square feet of built space and 753 square feet of additional air rights for a total buildable of 11,295 square feet according to a PincusCo analysis of city data. The parcel has frontage of 38 feet and is 97 feet deep with a total lot size of 3,765 square feet. The zoning is R7B which allows for up to 3 times floor area ratio (FAR) for residential. The property is in the Park Slope Historic District Extension. The city-designated market value for the property in 2022 is $2.4 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 one DOB violation 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 15 commercial properties representing 29,239 square feet of the 92,286 square feet. The largest owner is Stefano Zito, followed by Richard A. Haddad and then Maria Perrotta.
There are no active new building construction projects on this tax block.

The majority, or 67 percent of the 92,286 square feet of built space are walkup buildings, with mixed-use buildings next occupying 33 percent of the space.

The seller

The PincusCo database currently indicates that Greenbrook Partners owned at least 82 commercial properties with 640 residential units in New York City with 605,501 square feet and a city-determined market value of $176.3 million. (Market value is typically about 50% of actual value.) The portfolio has $274.6 million in debt, with top three lenders as Invesco Real Estate, Rialto Capital Management, and Signature Bank respectively. Within the portfolio, the bulk, or 64 percent of the 605,501 square feet of built space are walkup properties, with mixed-use properties next occupying 12 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 219 commercial properties with 2,296 residential units in New York City with 2,750,115 square feet and a city-determined market value of $698.2 million. (Market value is typically about 50% of actual value.) The portfolio has $1.1 billion in debt, with top three lenders as Invesco Real Estate, Invesco, and Santander Bank respectively. Within the portfolio, the bulk, or 53 percent of the 2,750,115 square feet of built space are elevator properties, with walkup properties next occupying 14 percent of the space. The bulk, or 37 percent of the built space, is in Brooklyn, with Queens next at 33 percent of the space.

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