Carlyle Group pays $2.3M for three-family in Bushwick

Carlyle Group through the entity Townhouse Rental Ii, L.L.C. paid $2.3 million to Oren Hakim through the entity 1269 Jefferson Group LLC for the three-unit 1-4 family building (C0) at 1269 Jefferson Avenue in Bushwick, Brooklyn.
The deal closed on August 30, 2023 and was recorded on September 6, 2023. The property has 2,679 square feet of built space and 1,938 square feet of additional air rights for a total buildable of 4,617 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $875 and the price per buildable square foot is $507 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 14, 2022, for $1.1 million. The signatory for Oren Hakim was Rosemary Hayden. The signatory for Carlyle Group was Carter Martin. The contract date was July 6, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Carlyle Group purchased 180 properties in 162 transactions for a total of $1.1 billion and sold one property in one transactions for a total of $4 million over the past 24 months.
The seller Oren Hakim purchased one properties in one transactions for a total of $1.3 million and sold seven properties in seven transactions for a total of $23 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Oren Hakim, head officer. The business entity is 1269 Jeffreson Group Llc.

The property

The 1-4 family building with 3 residential units in Bushwick has 2,679 square feet of built space and 1,938 square feet of additional air rights for a total buildable of 4,617 square feet according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 100 feet deep with a total lot size of 1,900 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.4 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 $5,030 in ECB penalties and $5,030 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 two of the 13 commercial properties representing 9,375 square feet of the 48,453 square feet. The two identified owners are Zev Zafir and Mendel Gold.
On the tax block, there was one new building construction project filed totaling 7,486 square feet. It is a eight-unit, 7,486 square-foot residential (R-2) building submitted by Herman Weiser with plans filed July 26, 2016 and it has not been permitted yet.

The majority, or 51 percent of the 48,453 square feet of built space are mixed-use buildings, with walkup buildings next occupying 49 percent of the space.

The seller

The PincusCo database currently indicates that Oren Hakim owned at least 13 commercial properties with 80 residential units in New York City with 61,622 square feet and a city-determined market value of $10.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 95 percent of the 61,622 square feet of built space are walkup properties, with mixed-use properties next occupying 5 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 242 commercial properties with 2,390 residential units in New York City with 2,765,751 square feet and a city-determined market value of $728.9 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 2,765,751 square feet of built space are elevator properties, with walkup properties next occupying 15 percent of the space. The bulk, or 40 percent of the built space, is in Brooklyn, with Queens next at 30 percent of the space.

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