Carlyle Group pays $2.1M for 3-family in Bedford Stuyvesant

Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $2.1 million to Joseph Aghelian through the entity 648 Chauncey Properties 2017 LLC for the three-unit building (C0) at 525A Quincy Street in Bedford Stuyvesant, Brooklyn.
The deal closed on May 12, 2023 and was recorded on May 19, 2023. The property has 2,800 square feet of built space and 533 square feet of additional air rights for a total buildable of 3,332 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $740 and the price per buildable square foot is $622 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 13, 2022, for $974,000. The signatory for Joseph Aghelian was Joseph Aghelian. The signatory for Carlyle Group was Carter Martin.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Carlyle Group purchased 156 properties in 138 transactions for a total of $858.2 million and sold one property in one transaction for a total of $4 million over the past 24 months.
The seller Joseph Aghelian had not purchased any other properties and sold five properties in five transactions for a total of $11.6 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Joe Aghelian, head officer and Candice Charles, agent. The business entity is 648 Chauncey Properties 2017 Llc.

The property

The 1-4 family building with 3 residential units in Bedford Stuyvesant has 2,800 square feet of built space and 533 square feet of additional air rights for a total buildable of 3,332 square feet according to a PincusCo analysis of city data. The parcel has frontage of 16 feet and is 100 feet deep with a total lot size of 1,666 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 $1.1 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 seven of the 13 commercial properties representing 14,567 square feet of the 32,798 square feet. The largest owner is Sam Stern, followed by Daniel Schwimmer and then City Of New York.
There are no active new building construction projects on this tax block.

The majority, or 85 percent of the 32,798 square feet of built space are walkup buildings, with mixed-use buildings next occupying 15 percent of the space.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 210 commercial properties with 2,281 residential units in New York City with 2,707,324 square feet and a city-determined market value of $688.1 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 54 percent of the 2,707,324 square feet of built space are elevator properties, with walkup properties next occupying 14 percent of the space. The bulk, or 36 percent of the built space, is in Brooklyn, with Queens next at 34 percent of the space.

Direct link to Acris document. link