Carlyle Group pays $15.6M to Industrie Capital Partners for abutting walkups in Clinton Hill

The Carlyle Group paid $15.6 million to Industrie Capital Partners for two properties in Clinton Hill that abut end to end in the middle of the tax block, and each property is improved with a walkup building, one fronting Hall Street, the other fronting Washington Avenue. Carlyle bought the properties in two transactions. While the Carlyle Group often partners with operators on their New York City transactions, in this instance they purchased on their own.

In the first, Carlyle Group through the entity Brooklyn Townhouse Property Owner III, L.L.C. paid $7.8 million to Industrie Capital Partners through the entity 238 Hall Street LLC for the 10-unit residential walkup building (C1) at 238 Hall Street in Clinton Hill, Brooklyn. The expected use is cash flowing.
The deal closed on August 7, 2025 and was recorded on August 14, 2025. The property has 10,437 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $747 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.)

In the second, Carlyle Group through the entity Brooklyn Townhouse Property Owner IV, L.L.C. paid $7.8 million to Industrie Capital Partners through the entity 238 Hall Street LLC for the 10-unit residential walkup building (C1) at 269 Washington Avenue in Clinton Hill, Brooklyn. The expected use is cash flowing.
The deal closed on August 7, 2025 and was recorded on August 14, 2025. The property has 9,689 square feet of built space and 300 square feet of additional air rights for a total buildable of 10,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $805 and the price per buildable square foot is $780 per the PincusCo analysis.

The signatory for Industrie Capital Partners was Eli Hamway . The signatory for Carlyle Group was Wonjoong Kim . The contract date was May 16, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Carlyle Group purchased 82 properties in 79 transactions for a total of $1.1 billion and sold 32 properties in three transactions for a total of $114 million over the past 24 months.
The seller Industrie Capital Partners had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Moses Berkovics, head officer and Abe Friedman, site manager. The business entity is 238 Hall Street Llc. The 10,437-square-foot property generated revenue of $296,828 or $28 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 10 residential units in Clinton Hill has 10,437 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 49 feet and is 99 feet deep with a total lot size of 4,958 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 Clinton Hill Historic District. The property has a 421A exemption that started in 2019 and expires in 2034. The city-designated market value for the property in 2022 is $3.8 million. The property has 10 rent regulated units according to city tax records from 2023.

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 $100 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on November 30, 2017. 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 11 commercial properties representing 92,342 square feet of the 127,308 square feet. The largest owner is Kaled Management, followed by Miller Management and then Raquel Ayala.
There are no active new building construction projects on this tax block.

The majority, or 70 percent of the 127,308 square feet of built space are elevator buildings, with walkup buildings next occupying 26 percent of the space.

The seller

The PincusCo database currently indicates that Industrie Capital Partners owned at least two commercial properties with 78 residential units in New York City with 74,516 square feet and a city-determined market value of $17.7 million. (Market value is typically about 50% of actual value.) The portfolio has $41.5 million in debt, borrowed from Apollo Global Management and Bank Hapoalim. Within the portfolio, the bulk, or 90 percent of the 74,516 square feet of built space are elevator 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 335 commercial properties with 3,832 residential units in New York City with 4,153,769 square feet and a city-determined market value of $972.9 million. (Market value is typically about 50% of actual value.) The portfolio has $895.7 million in debt, with top three lenders as PGIM Real Estate, Invesco, and Prudential Financial respectively. Within the portfolio, the bulk, or 38 percent of the 4,153,769 square feet of built space are elevator properties, with industrial properties next occupying 28 percent of the space. The bulk, or 49 percent of the built space, is in Brooklyn, with Queens next at 31 percent of the space.

Direct link to Acris document. 238 Hall Street link
Direct link to Acris document. 269 Washington Avenue link