Carlyle Group pays $2.4M for two-family in Bedford Stuyvesant

Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $2.4 million to Amy Wheeler and George Basore Jr. for the two-family building (B3) at 241 Lexington Avenue in Bedford Stuyvesant, Brooklyn.
The deal closed on April 20, 2023 and was recorded on April 24, 2023. The property has 2,100 square feet of built space and 1,232 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 $1,136 and the price per buildable square foot is $716 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 July 12, 2018, for $2.1 million. The signatory for Amy Wheeler and George Basore Jr. was Amy Wheeler and George Basore Jr.. 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 148 properties in 130 transactions for a total of $784.2 million and sold one property in one transactions for a total of $4 million over the past 24 months.
The seller Amy Wheeler had not purchased any other properties and had not sold any properties over the same time period.

The property

The 1-4 family building with 2 residential units in Bedford Stuyvesant has 2,100 square feet of built space and 1,232 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 $1.4 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 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 11 of the 16 commercial properties representing 118,612 square feet of the 143,812 square feet. The largest owner is Yosi Cohen, followed by Michelle Knox and then Jerome Bloom.
There are no active new building construction projects on this tax block.

The majority, or 68 percent of the 143,812 square feet of built space are walkup buildings, with elevator buildings next occupying 17 percent of the space.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 202 commercial properties with 2,262 residential units in New York City with 2,687,092 square feet. 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 2,687,092 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 33 percent of the space.

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