Carlyle Group pays $2.3M to Oren Hakim for 3-family in Bushwick

Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $2.3 million to Oren Hakim through the entity 64 Group LLC for three-unit walkup building (C0) at 64 Granite Street in Bushwick, Brooklyn.
The deal closed on October 4, 2022 and was recorded on October 11, 2022. The property has 2,700 square feet of built space and 2,304 square feet of additional air rights for a total buildable of 5,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $851 and the price per buildable square foot is $459 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 2, 2021, for $1.1 million. The signatory for Oren Hakim was Rosemary Hayden. The signatory for Carlyle Group was Carter Martin.

Prior sales and revenue

Prior to this transaction, PincuscCo has records that the buyer Carlyle Group purchased 52 properties in 35 transactions for a total of $384.8 million and sold two properties in two transactions for a total of $13.5 million over the past 24 months.
The seller Oren Hakim had not purchased any other properties and sold six properties in six transactions for a total of $20.6 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Marcia White, head officer and Julio White, officer.

The property

The 64 Granite Street parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,058 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 $812,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $1,300 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

On this tax block, PincusCo has identified the owners of two of the four commercial properties representing 1,640 square feet of the 1,640 square feet. The two identified owners are George Davidson Jr. and Gary Friedel.
there are no active new building construction projects on this tax block.

The majority, or 100 percent of the 1,640 square feet of built space are retail buildings, with development buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that Oren Hakim owned at least 14 commercial properties in New York City with 68,086 square feet and a city-determined market value of $10.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 182 commercial properties in New York City with 2,221,154 square feet and a city-determined market value of $544.7 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 2,221,154 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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