Carlyle Group pays $2.3M to CW Realty Group for 4-unit walkup in Ridgewood
Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $2.3 million to CW Realty Group through the entity 1913 Palmetto LLC for the four-unit building (C3) at 1913 Palmetto Street in Ridgewood, Queens.
The deal closed on October 6, 2022 and was recorded on October 17, 2022. The property has 2,750 square feet of built space and 625 square feet of additional air rights for a total buildable of 3,375 square feet according to PincusCo analysis of city data. The sale price per built square foot is $843 and the price per buildable square foot is $687 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 13, 2014, for $900,000. The signatory for CW Realty Group was Cheskie Weisz. 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 54 properties in 37 transactions for a total of $389.2 million and sold two properties in two transactions for a total of $13.5 million over the past 24 months.
The seller CW Realty Group had not purchased any other properties and sold five properties in four transactions for a total of $10.5 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Perl Weisz, head officer and Abraham Weiner, agent. The business entity is 1913 Palmetto Llc.
The property
The 1913 Palmetto Street parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $406,900.The most recent loan totaled 0.0 and was provided by Maverick Real Estate Partners on July 16, 2021.
Violations and lawsuits
The property was involved in two lawsuits and zero bankruptcies over the past two years. The highest value suit was a $6.6 million money judgment concerning a loan filed on August 23, 2021, by Maverick Real Estate Partners against CW Realty and Pearl Weisz. In addition, according to city public data, the property has received two housing violations and $375 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 $5 million on this tax lot.
The block
There are no active new building construction projects on this tax block.
The majority, or 54 percent of the 39,644 square feet of built space are mixed-use buildings, with walkup buildings next occupying 35 percent of the space.
The seller
The PincusCo database currently indicates that CW Realty Group owned at least 26 commercial properties in New York City with 272,541 square feet and a city-determined market value of $52.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 53 percent of the 272,541 square feet of built space are elevator properties, with walkup properties next occupying 41 percent of the space. The bulk, or 87 percent of the built space, is in Brooklyn, with Queens next at 8 percent of the space.
The buyer
The PincusCo database currently indicates that Carlyle Group owned at least 184 commercial properties in New York City with 2,226,054 square feet and a city-determined market value of $546.7 million. (Market value is typically about 50% of actual value.) The portfolio has $995.5 million in debt, with top three lenders as Invesco Real Estate, Invesco, and Santander Bank respectively. Within the portfolio, the bulk, or 56 percent of the 2,226,054 square feet of built space are elevator properties, with walkup properties next occupying 11 percent of the space. The bulk, or 35 percent of the built space, is in Brooklyn, with Manhattan next at 34 percent of the space.
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