Carlyle Group pays $2.4M for 3-family in Bushwick

Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $2.4 million to Joseph Aghelian through the entity 231 Cornelia LLC for the three-unit building (C0) at 231 Cornelia Street in Bushwick, Brooklyn.
The deal closed on February 16, 2023 and was recorded on February 24, 2023. The property has 2,565 square feet of built space and 2,052 square feet of additional air rights for a total buildable of 4,617 square feet according to PincusCo analysis of city data. The sale price per built square foot is $935 and the price per buildable square foot is $519 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 August 11, 2021, for $950,000. 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 141 properties in 123 transactions for a total of $761.7 million and sold one properties in one transactions for a total of $4 million over the past 24 months.
The seller Joseph Aghelian had not purchased any other properties and sold two properties in two transactions for a total of $4.8 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Joseph Aghelian, head officer and Candice Charles, site manager. The business entity is 231 Cornelia Llc.

The property

The 231 Cornelia Street 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 $1.1 million.

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 $3,125 in ECB penalties and $3,925 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 one of the four commercial properties representing 3,816 square feet of the 22,487 square feet. The identified owner is G-Way Management.
There are no active new building construction projects on this tax block.

The majority, or 59 percent of the 22,487 square feet of built space are mixed-use buildings, with elevator buildings next occupying 41 percent of the space.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 191 commercial properties in New York City with 2,311,875 square feet and a city-determined market value of $552.2 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 55 percent of the 2,311,875 square feet of built space are elevator properties, with walkup properties next occupying 13 percent of the space. The bulk, or 41 percent of the built space, is in Brooklyn, with Queens next at 39 percent of the space.

Direct link to Acris document. link